? GBP/USD Bounce at 78.6% Fib Creates Triangle Pattern ?

2 min read

Hi traders,

The GBP/USD could still be in a wave 2 (blue) because price did not break above the previous top and 100% Fib. Price will however need to break below the support to confirm a bearish breakout.

GBP/USD

4 hour


The GBP/USD is probably building a wave 1-2 pattern within the waves 5.

1 hour


The GBP/USD made a bounce at the deep Fibonacci levels which is typical for a wave 2. Price needs to break, make a pullback and continue before downside becomes more likely. The trend lines indicate indecision at the moment and a triangle chart pattern.

Good trading,
Chris Svorcik
Elite CurrenSea

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