? GBP/USD Ending Diagonal Patterns Approaches 1.3250 Target ?
May 25, 2018
2 min read
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Hi traders,
The GBP/USD rebroke below the support trend line (dotted green and blue) and price is continuing lower towards the Fibonacci targets of wave 5 (blue).
GBP/USD
4 hour
The main bearish target is the 61.8% Fibonacci level at 1.3250. Eventually price is expected to complete wave 1 and retrace for a wave 2.
1 hour
The GBP/USD seems to be building an ending diagonal within wave 5 (blue). In an ending diagonal, the 5 waves (green) are composed of a 3 wave ABC pattern in each wave. The wave 5 (green) should be the shortest wave of all 5 and therefore a break below the 100% Fibonacci target of wave 5 (green) invalidates the ending diagonal wave pattern.
Good trading,
Chris Svorcik
Elite CurrenSea
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