Hi traders,
The GBP/USD is moving sideways after bouncing at the support trend line (green). The bullish bounce makes the continuation within a contracting triangle chart pattern more likely.
The GBP/USD is expected to make a bullish bounce back towards the top of the triangle pattern unless price breaks below the support line (green). The Fibonacci levels of wave E vs D could act as potential resistance levels.
The GBP/USD has completed or is close to completing a wave C (green) within wave B (blue). A bullish bounce is expected if price indeed completes the bullish ABC (blue) zigzag correction.
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Good trading,
Chris Svorcik
Elite CurrenSea
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