? GBP/USD Bullish Wave-3 Impulse Reaches 38.2% Fib ?

2 min read

Hi traders,

The GBP/USD reached and stopped at the 38.2% Fibonacci retracement level of potential wave 4 (purple). A bearish bounce could confirm the wave 4 pattern whereas a break above the 50% makes a bullish trend more likely.

GBP/USD

4 hour


The GBP/USD is in a strong impulsive push up which is either a wave C (blue) of a larger correction or a wave 3 if price manages to break above resistance.

1 hour


The GBP/USD seems to be building a wave 3 (green) due to the strong momentum. A shallow correction within wave 4 (green) could be expected and price might use the Fibonacci levels of wave 4 vs 3 as a potential bounce spot for one more rally to complete wave 5 of wave C. A break below the 50% Fib of green wave 4 makes a bearish breakout more likely whereas a break above the 50% Fib makes a wave C less likely.

Good trading,
Chris Svorcik
Elite CurrenSea

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