Forex

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

Christopher Svorcik Analyst

October 29, 2018

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.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.
Good trading,
Chris Svorcik
Elite CurrenSea

bounce break breakout chart pattern Fibonacci fibs fibs and waves forex forex fibonacci forex setups forex trade forex trade setups fx fx setups FX trade fx trade setups GBP/USD gbpusd price action patterns price patterns support and resistance technical analysis trade setups trades trading trend lines wave analysis waves analysis