HomeContributorsTechnical AnalysisGBP/USD Prepares For Bullish Wave C Pattern

GBP/USD Prepares For Bullish Wave C Pattern

The GBP/USD has broken above the resistance trend line (dotted orange), but the breakout has been slow and choppy. The price will need to break above the resistance zone (red) before a new breakout is possible. The target could be the 38.2% Fibonacci level of wave 4 vs 3 near 1.33. A break below the support trend line could indicate a bearish breakout.

The GBP/USD seems to have completed an ABC (orange) correction which probably completed a wave B (green). The price could now be in a wave 1-2 (orange) pattern as long as it stays above the bottom of wave 1. The price needs to break above the resistance before an uptrend continuation is possible.

admiral
admiralhttps://www.elitecurrensea.com/
Elite CurrenSea Accessible Forex Trading Systems & Education With over 30 years of combined trading experience, we design, test, and provide successful Forex, CFDs & Crypto trading systems and solutions for retail and institutional traders alike.

Featured Analysis

Learn Forex Trading

Forex Algorithmic Trading

Fixed Or Moving Stop Losses