Dear traders,
the GBP/USD made a bearish reversal as expected in our video analysis. The main question is whether the uptrend is over or is it just a retracement?
This article analyses what future price patterns are critical for answering this key question.
The GBP/USD bearish retracement was expected. But the impulsiveness of the decline is very strong, which is 1 of the main reasons for the potential end of the uptrend.
The GBP/USD bullish bounce will be a key factor in determining the next price swings. The bearish pullback after the heavy uptrend was expected. Now itโs a key moment to see whether the price patterns indicate a larger correction down.
On the 1 hour chart, we can see the difference in expectations. Both scenarios are equally possible from a wave analysis point of view.ย
The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter.
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