? GBP/USD Bearish Bounce at 61.8% Fibonacci Resistance Levels ?

2 min read

Hi traders,

GBP/USD is challenging the support trend line (blue). A bearish breakout could see price move lower to the major trend line (blue) and decision zone.


4 hour

GBP/USD could make a bearish continuation towards the Fibonacci targets if price manages to break below support. If price is completing a wave 1 (purple), then price could eventually build a larger retracement to the upside.

1 hour

GBP/USD made a bullish pullback which bounced at the resistance trend line and Fibonacci levels of wave 4 (green). A break above the resistance could indicate a bullish break and different wave pattern whereas a bearish break could see price move lower.

Good trading,
Chris Svorcik
Elite CurrenSea

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