☝️ GBP/USD Downtrend Continues after Failing to Break 1.36 Resistance ☝️
Hi traders,
the GBP/USD news events on Thursday had a minor impact on the price action of the 4 hour chart. Eventually price bounced at the resistance trend line (red) and tried to break below the support trend line (green) but failed. The downtrend however remains intact.
GBP/USD
4 hour
The downtrend is still intact and a 2nd break below support could see price fall towards the Fibonacci targets of wave 5 (purple). A bullish reversal would only become more likely if price is able to break above the previous tops which could indicate the completion of the wave 1 (pink) and the start of the wave 2 (pink).
1 hour
The GBP/USD still respected the Fibonacci levels of wave 4 (green) despite the volatile news events on the GBP. Price made a first attempt to break support but failed to close strongly below 1.35. Price will need to break above the resistance (red) or below the support (green) trend lines before a next impulsive price action can be expected.
Good trading,
Chris Svorcik
Elite CurrenSea
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