? GBP/USD Bearish Wave 3 Breaks 1.3550 Support Zone ?

2 min read

Hi traders,

the GBP/USD downtrend showed a strong bearish continuation yesterday when it broke below the 1.3550 and 1.35 support levels and support trend line (dotted green).

GBP/USD

4 hour

Price did bounce at the next support trend line at 1.3450 (green) which makes a bearish continuation uncertain. A break below that the trend line (green) could indicate a next bearish fall towards the Fibonacci targets of wave 5.

1 hour

The GBP/USD seems to have completed 4 bearish waves and could have one more wave 5 (green) remaining but price needs to stay below the 61.8% resistance Fib of wave 4 (green) otherwise a larger consolidation might still be taking place.

Good trading,

Chris Svorcik
Elite CurrenSea
.

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