? GBP/USD Testing Fibs after Failure to Break Support ?
June 19, 2018
2 min read
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Hi traders,
The GBP/USD downtrend is taking a pause at the previous bottom and support around 1.32, which is a key bounce or break zone.
GBP/USD
4 hour
The GBP/USD needs to break below the support at 1.32 to restart the downtrend. In that case a wave 5 (purple) continuation for a lower low is probable and price could move down to the Fibonacci targets. The alternative scenario is that price is building an expanded wave 4 (purple).
1 hour
The GBP/USD seems to be building an ABC (green) correction back towards the Fibonacci levels of the wave 4 retracement (blue). A bullish break above the 38.2-50% Fibonacci levels could make the alternative scenario more likely than the current wave 5.
Good trading,
Chris Svorcik
Elite CurrenSea
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