? GBP/USD Faces Hefty Resistance after Strong Bullish Breakout ?

2 min read

Dear Traders,

The EUR/USD is struggling to build a bullish breakout but wave patterns indicate that the uptrend is likely to continue. Timing however is key. The bullish trend has the best papers if candlestick patterns appear after price completes a bearish ABC or if it bounces at the deeper 78.6% and 88.6% Fibonacci support levels.

The GBP/USD made several strong bullish breakouts but price is now reaching a key resistance zone… price is dropping quickly after large bullish gains, what’s next for this pair? The GBP/USD could be in a bearish wave 4, which could indicate bearish correction followed by one more bullish push upwards. This analysis remains valid as long as price stays above the key support zone at 1.3950-1.40.

This video explains bearish and bullish trade setups based on the breakout direction and price action.

Check out the video for the full analysis and trade plans on 22-23 March 2018:

  • EUR/USD, GBP/USD, GBP/JPY technical analysis
  • Review of patterns, trends, key S&R levels
  • Explanation of potentrial trade ideas both up and down
  • Beginner friendly, explaining concepts in more detail

See the video below for all of the details

Good trading,
Chris Svorcik
Elite CurrenSea


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