? GBP/USD Bullish Reversal after Bearish Trend Reaches 1.31? ?

2 min read

Hi traders,

The GBP/USD made another low but closed and reversed after reaching 1.31. The GU showed strong bullish momentum as it broke above the resistance trend line which could indicate a larger bullish move.


4 hour

The GBP/USD might have completed a potential wave 5 of a larger wave 1, which could kick off a larger bullish correction in wave 2.

1 hour

The GBP/USD bullish correction could develop via a wave 1-2 (purple) pattern. The wave 2 is invalidated if price breaks below the bottom of wave 2 (the 100% Fibonacci level).

Good trading,
Chris Svorcik
Elite CurrenSea

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