The British pound/U.S. dollar (GBP/USD) currency pair made a new drop overnight, away from the 1.3350 region where a bigger degree Wave 3 had ended. This drop now represents sub-wave "a" as part of a three-wave retracement within Wave 4. Ideally, once the remaining two sub-waves show up, a new rally higher into a bigger Wave 5 will come in play. The region of support for the corrective Wave 4 is near the former wave four at the 1.316 level.
GBP/USD, 1 hour