? GBP/USD Bearish Breakout Could Confirm Bearish Wave 3 ?

2 min read

Hi traders,

The GBP/USD broke below the critical support trend line (dotted blue) and price is now approaching the previous bottom. A bearish breakout could confirm a bearish wave 3 (purple).

GBP/USD

4 hour


The GBP/USD must break the bottom otherwise price might still be building an expanded bullish correction via a WXY (red) pattern.

1 hour


The GBP/USD is probably expanding the 3rd wave (green) by building another 5 wave pattern (orange/brown) in wave 3 (green). The invalidation level is a break above the resistance trend line (red) which indicates a larger bullish correction. A bearish continuation is aiming for the Fibonacci retracement targets.

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Good trading,
Chris Svorcik
Elite CurrenSea

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