HomeContributorsTechnical AnalysisGBP/USD Bearish Breakout Has Fibonacci Targets At 1.30

GBP/USD Bearish Breakout Has Fibonacci Targets At 1.30

The GBP/USD retested and bounced at the broken support level at 1.32 which now became resistance. A bearish continuation is likely if price manages to break the bottom.

The GBP/USD could aim for the next Fibonacci target at 1.30 if price manages to push below the support zone.

The GBP/USD retracement yesterday could have been a wave 2 pullback. Price will need to fall to at least 1.3050 before a wave 3 pattern as indicated here can be confirmed

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