? GBP/USD Bearish Bounce at 61.8% Fib Resistance at 1.32 ?

2 min read

Hi traders,

The GBP/USD broke below the support trend line and is now building a bullish retracement. The trend lines of the triangle pattern remain critical for the next trend direction.

GBP/USD

4 hour


The GBP/USD is probably building a wave 123 (purple) pattern but a break below the support trend line (blue) and the round level of 1.30 is needed to confirm it. A bullish break above the 100% Fib at 1.33 indicates a larger WXY (red) correction instead.

1 hour


The GBP/USD is building a potential wave 1-2 (orange) and the Fibonacci retracement levels of wave 2 vs 1 could act as resistance. Price has already bounced at the 61.8% Fib. A bearish break below the support trend line (blue) could start a wave 3 (orange) whereas a break above the 100% Fib level invalidates this wave pattern.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of