GBP/USD Bearish Breakout Below Bear Flag Chart Pattern
GBP/USD
4 hour
(Click on image to enlarge)
Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave
The GBP/USD made a bullish retracement and bearish continuation as expected in our wave analysis earlier this week. The GBP/USD broke below the support trend line (dotted blue) for a new low after a bearish bounce occurred at the 23.6% Fibonacci retracement level of wave 4 vs 3.
1 hour
(Click on image to enlarge)
Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave
The GBP/USD broke the bear flag chart pattern and is now continuing the downtrend.
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