☝️ GBP/USD Close to Bearish Wave-3 after Failure to Break Top ☝️

2 min read

Hi traders,

The GBP/USD tested the previous top but ultimately made a bearish bounce. It will however need to break below support (blue) before price is able to continue with the downtrend and a potential wave 3 (blue).


4 hour

The GBP/USD would invalidate the potential wave 3 pattern if price break above the resistance trend line (orange) and previous top of wave 4 (purple).

1 hour

The GBP/USD needs to break the support trend line (blue), pullback and continue before a bearish wave 3 (blue) becomes probable. A bullish bounce however could run into the Fibonacci resistance levels of wave 2 vs 1. The purple boxes indicate a potential head and shoulders reversal chart pattern.

Good trading,
Chris Svorcik
Elite CurrenSea

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