? GBP/USD Must Break Pattern Lines for New Trend ?

2 min read

Hi traders,

The GBP/USD bounced again at the resistance trend line and is now approaching a key support trend line, which is a new bounce or break spot.

GBP/USD

4 hour


The GBP/USD needs to break above the resistance (red) or below the support (blue) of the triangle pattern and sideways price action before a new trend becomes clear.

1 hour


The GBP/USD bounced at the 78.6% Fibonacci retracement level of wave 2 vs 1 (green) but price needs to break below the support trend line (blue) to confirm a wave 3 (orange). A break above the 100% Fib level invalidates this wave pattern.

Good trading,
Chris Svorcik
Elite CurrenSea

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