GBPUSD price rejected by trend line but wave count still showing one more leg upside possible upto 1.2330 level. For this short term count Invalidation level 1.2110, GBPUSD fell below this level continue down trend.
Brexit matters are hard hitting for sterling. As per Wave analysis we can clearly see still Sterling trading on irregular corrective structure. I am expecting one more wave downside upto 1.1900 handle is possible.
a clear divergence have been formed between market trend MACD indicator which indicates a strong reversal of trend as market has been consolidated for a long time on pivot point
any break could cause a good fall for sterling with a target of 1.2778,1.2699 and 1.2564
alternate scenario any break above 1.2989 may continue the buy trend