GBPUSD Trading In A New Intraday Bearish Cycle

GBPUSD is trading in attempt to trace out 5 waves down from recent highs at 1.46631. We are looking for one more push down to complete black wave 1 and then anticipate a three wave correction in black wave 2 for possible short opportunitys. Later wave 2 could reach formal wave iv swing around 1.45440 which can react as a resistance and a turning point lower into wave 3.

Invalidation level is at 1.45726, as long as it holds we are looking to the downside.