☝️ GBP/USD Reversal at 38.2% Fibonacci Resistance? ☝

2 min read

Hi traders,

The GBP/USD showed strong bullish impulsive price action yesterday but ultimately bounced at the 38.2% Fibonacci retracement level of potential wave 4 (purple).

GBP/USD

4 hour


The GBP/USD bearish breakout below the support trend line (blue) could confirm the wave 4 pattern whereas a break above the 50% makes a bullish trend more likely.

1 hour


The GBP/USD seems to have completed a wave 4-5 (green) yesterday which in turn completes a potential wave C (purple) of wave 4 (purple). A bullish continuation is possible and price could reach the 50% Fibonacci level before showing a new downtrend, which is way the break of the support is a key aspect of a bearish breakout.

Good trading,
Chris Svorcik
Elite CurrenSea

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