☝️ GBP/USD Contracting Triangle After Bearish Impulse & Downtrend ☝️

2 min read

Hi traders,

the GBP/USD is building a corrective triangle chart pattern after a strong bearish momentum and within a larger downtrend. A break below the consolidation zone could indicate a downtrend continuation.

GBP/USD

4 hour

The GBP/USD bearish breakout is aiming for the round psychological level of 1.20, which is a support level and could act as a potential bouncing spot. The lower low would most likely be part of a wave 3 (green). Any bullish price action is likely to be a retracement and run into resistance.

1 hour

The GBP/USD needs to break below the support trend line (blue) before a bearish breakout and continuation can take place. A smaller 5 wave pattern (grey) is expected to take place within waves 5 (green/dark red/orange) of wave 3 (dark green). A bearish breakout is aiming for the Fibonacci levels.

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Good trading,
Chris Svorcik
Elite CurrenSea

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