GBP/USD Bullish Corrective Pattern Faces Fibonacci Resistance Zone

Svi 31, 2018 12:21


4 hour

The GBP/USD remains in a downtrend as long as price stays below the resistance trend lines. A bearish breakout below the support trend line (green) could indicate a potential continuation towards the Fibonacci targets of wave 5. A bullish retracement could occur above the resistance trend lines or at the Fib targets for either a wave 4 (purple) or wave 2 (if the current downtrend completes a wave 1 rather than wave 3).

1 hour

The GBP/USD ending diagonal pattern could be valid but only if the GBP/USD retraces back to and bounces at the 61.8%-78.6% Fibonacci retracement zone of wave 4 (green). A bearish bounce at a shallower Fibonacci levels would indicate a bearish impulse. In both cases, price needs to break below the support trend line (green) to continue with the downtrend towards the Fibonacci targets . A break above the 78.6% Fib could indicate the end of the downtrend.

Chris Svorcik

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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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