GBP/USD: don't try to catch falling knives
British pound keeps declining versus the US dollar. GBP/USD has reached our previous targets. The main question now is: where is the bottom? Harmonic patterns will show us an answer.
On H1 long-term model AB=CD, painted in red, with target at 127.2% points at 1.25. Here we also have the target of the medium-term AB=CD pattern and projection 3-4. It's formed based on projection 1-2, which links the upper and the lower borders of the long-term uptrend channel. As a result, GBP/USD hasn't reached the bottom yen and may continue falling to 1.25.