Update : 10 March 2015
4 hour GBPUSD: whether the bearish price movement is indeed corrective remains to be seen and will partly depend on whether price will break below the 100% Fibonacci level or above resistance.
Special Tnx to Chris Svorcik
GBPUSD 11 May 2015
The GBP/USD has bullish momentum (wave 3 magenta) but also a heavy resistance level (red) ahead. A break above it could see price head towards the Fibonacci targets of wave Y (grey) of wave B (black).''
The wave 4 (orange) bounced at the 50% Fibonacci level and is building a small wedge (orange and light green trend lines). A breakout could mean a wave 5 (orange) of wave 3 (magenta).
GBPUSD is also bearish after breaking beneath the channel line at 1.5586 on Friday. We see the move as very sharp so it can be part of a new impulse. That said, keep an eye on more weakness after any corrective rally. We are talking about wave (ii) that may stop near 1.5586 resistance if the market turns up from here. The pair remains bearish as long as it trades 1.5700.