? GBP/USD Bearish Rejection Aims at 1.30 Target in Larger Triangle ?

Dear traders,

the GBP/USD made a bearish reversal at the resistance trend line, probably indicates that one more bearish swing is probable.

GBP/USD

4 hour

The GBP/USD bearish rejection indicates the end of the wave B (green) at the recent high and the continuation of the wave C (green) within a larger ABCDE (green) contracting triangle pattern. A bounce at the 78.6% Fibonacci level would confirm the pattern whereas a break below the 100% Fib invalidates (red x) the triangle.

1 hour

The GBP/USD is probably building a 5 wave (dark red) pattern as long as the price stays below the 100% Fib, otherwise this pattern is invalidated (red x). A bearish breakout confirms (green check) the continuation towards wave 3.

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Good trading,
Chris Svorcik
Elite CurrenSea