πŸ” GBP/USD Bearish ABC Pattern in Bullish Zigzag πŸ”

2 min read

Hi traders,

the GBP/USD is building a sideways correction which seems to be part of a bullish ABC (green) of a larger wave 4 (blue) correction.

GBP/USD

4 hour

The GBP/USD is expected to move up higher as part of a wave C but only after it completes a bearish wave B (green) first. Price is expected to bounce at the 50 or 61.8% Fibonacci retracement level of wave B vs A for a bullish bounce and continuation towards the 50% Fib of wave 4 vs 3.

1 hour

The GBP/USD is probably building a bearish ABC (orange) within the wave B (green) of the larger bullish ABC (green). Price seems to have completed a bullish wave C (brown) in wave B (orange) at the 61.8% Fibonacci and might bow be ready for a move lower to complete wave C (orange).

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Good trading,
Chris Svorcik
Elite CurrenSea

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