On the updated count of GBP/USD, we see a sharp and strong reversal to the downside from recent highs which extended to much lower levels on Friday after NFP figures, so we are now even more confident that top has been put in place. As such, weakness may continue lower in an impulsive manner, first down to 1.2930 for wave 1)/A) and then even lower after wave 2)/B) retracement. We are clearly bearish on cable and will look down as long as market trades below 1.3249 level.

GBP/USD, 4H