? GBP/USD Bounces at 50-61.8% Fibonacci Resistance Zone ?

2 min read

Hi traders,

The GBP/USD made a bearish bounce at the 50-61.8% Fibonacci resistance zone but the end of the wave 2 (purple) is not yet confirmed.

GBP/USD

4 hour


The GBP/USD will need to break below the support trend lines (blue) before a wave 1-2-3 pattern (purple) becomes more likely. A break above the 100% Fibonacci level invalidates the wave 1-2 (purple) and indicates that a wave 4 (pink) is still ongoing.

1 hour


The GBP/USD needs to break the trend lines for the next price swing to be confirmed. A bullish breakout however is facing the Fibonacci retracement levels of wave 2 (purple) which could be resistance levels for a bearish bounce or reversal.

Good trading,
Chris Svorcik
Elite CurrenSea

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