The GBPUSD decline has accelerated and dropped to a new low as expected. Still confined to a steep channel, Cable remains in an impulse. I wrote yesterday that “the drop to a new low satisfies minimum expectations for wave 3 of C but additional downside is likely. Monthly pivot support is at 1.4933.”
Having already dropped 130 pips below 1.4933, there is no sign of a bottom, although a 4th wave (of C correction) will eventually take hold prior to a drop below 1.3680.