? GBP/USD Wave 4 Pattern After Bearish Breakout ?

2 min read

Hi traders,

The GBP/USD again broke below the support trend line (dotted green) which makes a bearish wave 5 pattern more likely.

GBP/USD

4 hour


The GBP/USD invalidated the previous wave count (WXY). At the moment an ending diagonal within a wave 5 seems the most likely scenario. A break below the 100% Fibonacci level invalidate this diagonal and could indicate a potential wave 3.

1 hour


The GBP/USD has completed a wave 5 (green) of wave 3 (orange) and could be building a retracement within wave 4 (orange). A break above the 50% Fib makes a wave 4 less likely.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of