? GBP/USD Breaks 1.3750 Support and Extends the Bearish Wave 5 ?

Hi traders,

the GBP/USD bearish momentum broke support yet again. The impulse has now pushed below 1.3750 support and could extend its fall towards the Fibonacci targets within the wave 5 (purple).

GBP/USD

4 hour

Price remains in larger bearish wave 1 as long as price stays below the resistance trend lines.

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1 hour

The GBP/USD is probably completing a wave 4 (green) correction and price could respect the Fib levels and make a bearish bounce and continuation towards the Fib targets of wave 5. A break above the 61.8% Fib invalidates the current wave 4.

Good trading,

Chris Svorcik
Elite CurrenSea
.