GBP/USD Reverses At 1.36 Resistance And Shows Bearish Breakout
GBP/USD
4 hour
(Click on image to enlarge)
The GBP/USD seems to have completed a sideways consolidation zone which is most likely a wave 4 (blue) pattern. Price is now trying to break below the support trend line (dotted green) which could indicate the end of wave 4 and the start of a bearish wave 5 (blue). The targets are at the Fibonacci levels of wave 5 (blue). Price could be reversing if price manages to break above the resistance trend line (red) at 1.36 – 1.3650.
1 hour
(Click on image to enlarge)
The GBP/USD could have completed the wave 4 (green) as price stayed below the 50% Fibonacci retracement level. Price could now be building a bearish breakout which could be a wave 1 or 3 (green) within the larger wave 5 (blue).
Disclaimer: The opinions in this article are for informational and educational purposes only and should not be construed as a recommendation to buy or sell the stocks mentioned or to solicit ...
more