Trend is bearish in GBP/USD currency pair in fifteen minutes time frame. Short term resistance level is present at 1.2494 price level. Based on Elliott wave analysis, we have got a possible corrective bullish a,b, c Zig Zag pattern which looks complete. So, I expect price to drop now towards 1.2355 price level in coming trading hours.
A good idea is to look for a sell trade and join the down trend. However; if price of Cable manage to close a bullish candlestick above 1.2494 vital resistance level then I will stop myself from trading and stay out of the market.
Next, I will re-do my analysis in GBP/USD currency pair in 15 minutes chart.