Cable in 4th Wave of Correction

Tracing out a fourth wave of correction cable price action is seen having further downside potential approaching oversold Relative Strength Index readings.

[B][U]Technical: GBP/USD[/U][/B]
[B]Resistance:[/B] 2.0000
[B]Support:[/B] 1.9620
Employing Fibonacci retracement levels drawn from the 5/08 low candle, the 61.8% level is deemed a significant resistance point for GBPUSD going forward. Any breach of the 2.0000 level will be viewed as a bullish.