Cable Corrective Rebound Signals Potential Turn Lower

GBPUSD has recovered bit, but notice that we can count five waves down from 1.3871 to the 1.32 area that we had been watching before, followed by a recovery which is now becoming more complex than we first thought. We are tracking a W-X-Y from most recent lows with price now trading in (y), which has room for 50% fib, or even it can touch 1.3570 from where the downtrend could resume. This suggests that's still just a pause within a higher degree downtrend that could still resume later this week.

Looking at the daily chart, it also seems that the pair may have completed a higher degree wedge pattern, and we are now in a bearish phase that could resume to the downside after this current rebound.

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