? GBP/USD Wave 4 Pattern After Bearish Breakout ?

2 min read

Hi traders,

The GBP/USD again broke below the support trend line (dotted green) which makes a bearish wave 5 pattern more likely.


4 hour

The GBP/USD invalidated the previous wave count (WXY). At the moment an ending diagonal within a wave 5 seems the most likely scenario. A break below the 100% Fibonacci level invalidate this diagonal and could indicate a potential wave 3.

1 hour

The GBP/USD has completed a wave 5 (green) of wave 3 (orange) and could be building a retracement within wave 4 (orange). A break above the 50% Fib makes a wave 4 less likely.

Good trading,
Chris Svorcik
Elite CurrenSea

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