? GBP/USD Downtrend Approaches Key Fibonacci Support at 1.34 ?

2 min read

Hi traders,

The GBP/USD is challenging a key support zone (green) around 1.34. A bearish breakout could see price move lower towards the Fibonacci targets of wave 5 whereas a bullish break could offer a wide bullish space within wave 2.

GBP/USD

4 hour

A strong confluence can be found at the support zone around 1.3380-1.34 and bearish breakout could build a reversal from this area and complete wave 5 (purple). A bullish breakout could see price move towards the Fibonacci levels of wave 2 (pink).

1 hour


The GBP/USD is challenging key support levels such as the support trend line (green) and 100% Fibonacci level of wave X (blue). A bullish bounce could indicate a larger WXY correction whereas a bearish break will probably indicate a bearish breakout towards the Fibonacci targets.

Good trading,
Chris Svorcik
Elite CurrenSea
.

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