? GBP/USD Downtrend Expected to Continue After Wave 4 ?

2 min read

Hi traders,

the GBP/USD is showing a strong bearish impulse, which is typical for a wave 3 (green) pattern. Therefore the downtrend is expected to resume again after the current shallow pullback within wave 4 (green) is completed.

GBP/USD

4 hour

The GBP/USD has either completed the wave 4 (green) at the most recent high or price will expand the swing towards higher Fibonacci retracement levels of wave 4 vs 3. The main Fib to keep an eye on is the 38.2% retracement level, which is a typical bouncing spot for a wave 4. A bearish continuation is aiming for the round level at 1.25 and then the Fibonacci targets around 1.2425-1.2450.

1 hour

The GBP/USD is now testing the 78.6% Fibonacci level of wave B vs A. A bullish bounce could confirm that a larger ABC (dark red) is taking place whereas a bearish breakout could indicate the immediate downtrend continuation.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of

🍿️ Discover your path to a 100% yearly returns over the convos with Chris Svorcik!

X