This is how I see it. I would look for shorts here. The signs of bearish turn were already visible on monthly in December-February patterns (detected by Nison Candle Highlighter software) before COVID due to Brexit consequences. We established bearish bias in correlating instruments of EURUSD and GBPJPY as well, along with the established bullish bias in correlating USDTRY (USDCNH).
Top Absolute Correlation 4 hrs
1 GBPUSD - GBPJPY 97.5%
2 GBPUSD - GBPSGD 93.2%
3 GBPUSD - VIX -92.9%
4 GBPUSD - USDCNH -92.2%
5 GBPUSD - XTIUSD 91.4%
6 GBPUSD - USDSEK -91.0%
7 GBPUSD - SCI25 90.5%
8 GBPUSD - SPA35 89.9%
9 GBPUSD - CNI30 -89.6%
10 GBPUSD - USDTRY -88.7%
Top Absolute Correlation 4 hrs
1 GBPUSD - GBPJPY 97.5%
2 GBPUSD - GBPSGD 93.2%
3 GBPUSD - VIX -92.9%
4 GBPUSD - USDCNH -92.2%
5 GBPUSD - XTIUSD 91.4%
6 GBPUSD - USDSEK -91.0%
7 GBPUSD - SCI25 90.5%
8 GBPUSD - SPA35 89.9%
9 GBPUSD - CNI30 -89.6%
10 GBPUSD - USDTRY -88.7%
Comment:
WATCH LOWER LOW LOWER HIGH SEQUENCE - DOWNTREND WILL LAST UNTIL IT GETS BROKEN.