? GBP/USD Develops Bearish Wave 3 or ABCDE Triangle ?

2 min read

Hi traders,

The GBP/USD broke the support trend line (blue) for a bearish breakout but price needs to push below the previous bottom (green) before a wave 3 (purple) has a higher chance of becoming confirmed.


4 hour

If the GBP/USD fails to break below the previous bottom (green) and manages to rebreak above the broken support line, then price has probably invalidated the wave 3. In that case a bullish ABCDE (gold) triangle pattern is taking place.

1 hour

The GBP/USD is in a potential wave 4 (green) as long as price stays below the 50% Fibonacci resistance level. A break above the 50% Fibonacci level could see price move up higher whereas a break below support could see price move lower as part of the downtrend.
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Good trading,
Chris Svorcik
Elite CurrenSea

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