GBP/USD in for a Bearish Ride – Elliott Wave Analysis

GBPUSD is looking lower, after a completed five-wave recovery within a higher degree wave C, which seems to have found a top at the 1.281 level. We see a sharp reversal lower, which can be first sign of a bearish turn being made in minimum three legs. That said, be aware of pullbacks within current reversal, first one can reach resistance at the 1.266 level, from where a third wave lower can follow. Once price breaches below the 1.249 level, that is when a change in trend can be confirmed.