? GBP/USD Bearish Bounce at 50% Fibonacci Resistance ?

Hi traders,

The GBP/USD is showing a potential for a bearish reversal if price manages to post a new low. The next swing could confirm the bearish wave 1 (purple) and start of the downtrend.

GBP/USD

4 hour

The GBP/USD could also continue with the previous uptrend if price manages to break above the resistance zone (orange box). A break, pullback and continuation is needed before a restart of the uptrend becomes more likely.

1 hour

The GBP/USD is completing a potential wave 4 (blue) if price breaks below the support trend line (blue) after bouncing at the 50% Fibonacci resistance level. A push above the 50% could either be a false breakout or an uptrend continuation.

Good trading,
Chris Svorcik
Elite CurrenSea

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