? GBP/USD Break, Pullback, Continuation Pattern in Downtrend ?

2 min read

Hi traders,

The GBP/USD made a new low after completing a shallow pullback within wave 4 (blue) and breaking below the support trend line (dotted blue). The bearish break could indicate a wave 5 (blue) of wave 3 (purple).


4 hour

The GBP/USD seems to be aiming for the Fibonacci targets of wave 5 (blue).

1 hour

The GBP/USD seems to be building a wave 4 (green) within the wave 5 (blue) as long as price stays below the bottom of wave 1 which is indicated by the red horizontal line. A bearish bounce at the Fibonacci levels of wave 4 vs 3 and break below the support trend line (blue) could confirm a bearish continuation via a wave 5 (green).

Good trading,
Chris Svorcik
Elite CurrenSea

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