The GBP/USD remains in the 5th wave (green) of wave A (blue) but reached the 1.5750 resistance zone. A push above the current high at 1.5775 could indicate more upside as part of wave 5 up to the wave B and wave Y targets, whereas a strong bearish candle could indicate the completion of the wave 5 (green).
The GBP/USD uptrend could be losing steam as the angle of the orange trend line is shallower than the channel angle. A break above the orange resistance trend line could see price accelerate towards the Fibonacci targets, whereas a break below the channel could be an early indication of the end of wave A (blue).
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