GBPUSD Chart Technical Outlook correcting lower within the BC leg
The four-hour chart highlights a stalling in bullish momentum at the projected resistance level for the AB leg in a Bat formation. That would suggest we are currently correcting lower within the BC leg.
The one-hour chart highlights the completion of a bullish Elliott Wave count (5 waves) at 1.2702. That would suggest we are now in the corrective leg to the downside. Support is located at 1.2662 and 1.2642.
Conclusion: there is ample scope for a downside correction. Price action needs to be more monitored to calculate how far the sell-off will extend.
