🌊 GBP/USD Long-Term Wave Analysis 29 Oct ’18 🌊

2 min read
Christopher Svorcik

Christopher Svorcik

Forex broker

Hi traders,
The GBP/USD is either building a bearish 123 (purple) or ABC (red) pattern. A bearish 123 would indicate a full downtrend but would require price to eventually break below the 161.8% Fibonacci target.

GBP/USD

Daily


The GBP/USD bullish bounce before reaching the 161.8% Fibonacci target could indicate an ABC zigzag (red) pattern. Price would need to break above the resistance trend line (orange) as well. A bearish ABC could indicate that the next swing is a bullish ABC.

Weekly


The GBP/USD is in a long-term downtrend and broke below the support level of the recent triangle pattern.

Monthly


The GBP/USD seems to be in a wave 5 (purple) of a larger bearish trend and 5 wave pattern.

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Good trading,
Chris Svorcik
Elite CurrenSea

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ecs.START🎯🎯🎯: Tools, Indicators & Handouts

Our most popular trading tools and wisdom are FREE now. Join and receive a
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*Currently 86% of profit setups at entry after the price hits above the 3d or 4th Wizz level 🚀🚀🚀