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GBP/USD Bearish Breakout below Bear Flag Chart Pattern

Kolovoz 15, 2018 10:20

GBP/USD

4 hour

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

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.

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.


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