Looking in at the hourly chart, the GBPUSD rally from 1.4554 is clearly corrective. While this could be the beginning of a flat or triangle, it may also be a completed correction at 1.5539 that will lead to new lows. Further, the decline from 1.5539 counts well as an impulse.A rally back to former resistance at 1.5073 would potentially complete wave ii within the bear cycle from 1.5539. 1.52 is the 61.8% of the decline from 1.5539. This scenario fits well with a EURUSD rally in wave e before resumption of weakness.
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