? GBP/USD Bullish Momentum Likely ABC Zigzag in Wave-4 ?

2 min read

Hi traders,

The GBP/USD made a bullish bounce and breakout above the resistance of the downtrend channel (dotted orange). The bullish breakout could however still be part of a wave 4 (blue) as long as price stays below the Fibonacci retracement levels of wave 4 vs 3 around 1.29-1.30.


4 hour

If the GBP/USD is indeed in a wave 4, then price will bounce at the Fibonacci retracement levels and continue for a lower low. vs 1. A bullish break above the 50% Fibonacci level makes a wave 4 pattern unlikely and increases the chances of a bullish ABC pattern (red) rather than a 123 (purple).

1 hour

The GBP/USD seems to be completing an ABC correction (green) within wave 4 (blue). The Fibonacci levels and the support trend lines are key.

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Good trading,
Chris Svorcik
Elite CurrenSea

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