? GBP/USD Triangle Pattern in Impulsive Downtrend Channel ?

2 min read

Hi traders,

The GBP/USD is testing the resistance trend line (red) of the downtrend channel. A break below the triangle pattern could indicate a downtrend continuation.

GBP/USD

4 hour


The GBP/USD seems to be building a wave 5 (blue) of wave 3 (purple). A bearish breakout could indicate a fall towards the Fibonacci targets of wave 5 (blue). A break above the channel resistance could indicate a larger correction of either wave 4 blue or purple.

1 hour


The GBP/USD is still probably in a wave 4 (green) within the wave 5 (blue) because price did not enter into the territory of wave 1 (red line). As long as price stays that level then a 5 wave (green) pattern is possible. A bearish push below the support trend line (blue) indicates the potential breakout.

Good trading,
Chris Svorcik
Elite CurrenSea

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