The british pound has rallied strongly against the US dollar since the 5 wave drop preceding it (see 1hr chart above). This should be the end of wave ii within a much larger decline in the GBP/USD. The EUR/USD is forming a reversal candlestick on the hourly chart and will signal more bearish potential if a reversal candlestick occurs on the daily chart.
For the short term, the 1.6024 level is where the five wave decline started, so this level will most likely not be exceeded in the short term. As with EWP most of the time, the bearish setup brings about a great risk:rewad opportunity where it's possible to short the GBP/USD (currently at 1.5969) with a stop just above 1.6024 and a profit target of at least 1.5700. So it's a risk of about 55 pips to possibly make 269 pips!
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