? GBP/USD Bulls Regain Control in Large Range ?

Dear traders,

the GBP/USD completed the bearish ABC (green) as expected in the previous wave analysis at the key support zone (green lines). How far can the bullish bounce go?

GBP/USD

1 hour chart

The GBP/USD could retest the resistance zone (red lines) again. This could be part of a larger range. A bullish 5 wave pattern (blue) remains valid as long as the price stays above the 100% Fibonacci level of wave 2 vs 1. 

A break below support invalidates (red x) the bullish outlook and indicates a downtrend. A bullish bounce and break could confirm (green check) the scenario. The main target is the previous top.

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

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Good trading,
Chris Svorcik
Elite CurrenSea