GBP/USD Bullish Wave 5 Approaches 1.35 Target

Lipanj 08, 2018 12:10


4 hour

GBPUSD - 4 hour - 08.06.2018

The GBP/USD bounced at the top of the bear flag chart pattern and 23.6% Fibonacci retracement level. The bearish bounce however needs to break below the bear flag pattern before it becomes more likely that the wave 4 (purple) correction has been completed and a wave 5 can start. The 38.2% and 50% Fibonacci levels of wave 4 could act as resistance but a break above the 50% makes a wave 4 less likely.

1 hour

GBPUSD - 1 hour - 08.06.2018

The GBP/USD could be in a wave 4 but a break below the 61.8% Fib makes this wave count unlikely and a larger bearish trend could start. A bullish bounce could see price test the Fibonacci levels.

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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