The GBP/USD bullish breakout is showing volatile price action after pushing through the resistance trend line (dotted orange). Price will need to break a next trend line to confirm the direction.
The GBP/USD needs to push above the resistance trend line (red) for a bullish breakout and continuation towards the next 38.2% Fibonacci retracement level at 1.3250-1.33. A bearish breakout could change the likely wave patterns and the completion of waves Y at the recent high is possible.
The GBP/USD made a bearish retracement after completing a bullish wave 5 (orange). The pullback could be part of a wave B (green) and price indeed bounced at the 61.8% Fib. The next breakout however remains key.
