? GBP/USD Bullish ABC Zigzag Aims at 1.34 Target ?

2 min read

Dear traders,

the GBP/USD made a strong push up again after its decline from 1.35 to 1.29. The current wave outlook indicates an ABCDE triangle pattern (green).


4 hour

The GBP/USD triangle pattern remains valid as long as the price stays above the bottom or below the top whereas a break above or below invalidates (red x) this wave pattern. The triangle would fit within the potential wave 4 (blue).

1 hour

The GBP/USD could be completing a 5 wave (dark red) within a potential wave A (orange) at the 61.8% Fibonacci resistance level. A bullish continuation would aim for the 78.6% Fib (dotted green arrow) whereas a bearish bounce aims for the 61.8% Fib of the wave B vs A. A bounce there could confirm the ABC (orange) zigzag in wave B (green).

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Good trading,
Chris Svorcik
Elite CurrenSea

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