GBPUSD Analysis January 7

SELL signal in the 1.259-1.261 area. This is a strong resistance zone of GBPUSD in the H4 time frame. The pair needs to correct to Fibonacci 0.5 of the up wave around 1.247 after reaching the important resistance level (the end point of the up wave 1). After the recovery to 1.247, the pair can achieve strong gains again and reach an uptrend when breaking 1.260 again (setting up wave 3 up)