? GBP/USD Shows Bull and Bear Price Spikes ?

3 min read

Hi traders,

the GBP/USD remains volatile as the UK Brexit process is causing spikes up and down. All in all, price is moving sideways between the support (green) and resistance (red) zones. Check out for regular updates, webinars, analysis, and setups in the Forex market via ecs.LIVE.

GBP/USD

4 hour

The GBP/USD is currently closer to the support zone at 1.30, which could cause price to move up again towards the 50% Fibonacci retracement level of wave 4 vs 3. A break below the 1.30 round level and previous bottom (green) could however indicate a downtrend and bearish breakout within wave 5 (purple).

1 hour

The GBP/USD is showing impulsive price action and recent price volatility saw large spikes to both directions. Although the current wave outlook is vulnerable to changes that could occur due to Brexit news, the bearish 5 wave pattern (green) could have been completed which in turn could kick start a larger bullish reversal. A break below 1.2950 would solidify a larger potential downtrend.

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Good trading,
Chris Svorcik
Elite CurrenSea

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