πŸš€ GBP/USD Bullish Break Above Key 1.25 Resistance πŸš€

2 min read

Dear traders,

the GBP/USD broke above the key resistance level at 1.25. The bulls remain in control and could continue higher after a pullback.

GBP/USD

1 hour chart

The GBP/USD is building a slight rising wedge reversal chart pattern. This could indicate the end of a wave 5 (orange). There could be a trend continuation possible if the bullish swing completed a larger wave 3 (green). In that case, price might make a shallow pullback within a wave 4 (green), which usually respects the 23.6%, 38.2% or 50% Fibonacci support zone. A break below the 61.8% Fib of wave 4 vs 3 invalidates (red x) the current wave outlook and indicates bearishness.

The analysis has been done with SWAT method (simple wave analysis and trading).

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Good trading,
Chris Svorcik
Elite CurrenSea

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