? GBP/USD Bearish Wave 5 Reaches 1.3750 Support Zone ?

Hi traders,

the GBP/USD bearish momentum is strong and price is most likely building a wave 1 (pink) before a new bullish wave 2 retracement will start.

GBP/USD

4 hour

Price seems to be finalizing a final bearish wave 5 (purple) within that wave 1 (pink) but eventually a bullish correction within wave 2 (pink) is probable.

1 hour

The GBP/USD is probably showing a bearish continuation in the final wave 5 (pink) of wave 1 (pink). Price could show one more lower low and build a bearish wave 5 (blue). The 5^th wave could become extended or make a bullish bounce, which is probably dependent on the GBP and USD news events later this week.

Good trading,

Chris Svorcik
Elite CurrenSea

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