❗️ GBP/USD Bearish Bounce First Step of Larger Triangle Pattern ❗️

2 min read

Hi traders,

the GBP/USD tested the previous top and resistance trend line (red) but so far has failed to break above it. The break of the trend line (dotted blue) could indicate a bearish bounce.

GBP/USD

4 hour


The GBP/USD remains in a downtrend channel but the angle is shallow and price could build a consolidation zone and triangle chart pattern before the UK parliament votes on the Brexit deal next week Tuesday 15 January 2019. The downtrend continuation could be part of wave 5 (pink) of wave 5 (purple).

1 hour


The GBP/USD invalidates wave 2 (purple) if price breaks above the previous top and 100% Fibonacci level. A break below the support (blue) trend line confirms the potential bearish breakout but price could be building a larger ABCDE correction (blue).

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Good trading,
Chris Svorcik
Elite CurrenSea

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