GBP/USD Chart Pattern Indicates Wave-4 Correction in Downtrend

Kolovoz 14, 2018 08:09

GBP/USD

4 hour

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

The GBP/USD is building a triangle pattern after breaking below the support line (dotted blue) of the downtrend channel. A new bearish breakout could indicate an immediate continuation within wave 3 (blue), which could fall towards the Fibonacci targets of wave 3 vs 1.

1 hour

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

The GBP/USD is building a sideways corrective chart pattern. A bearish breakout could indicate a longer wave 3 (blue) whereas a bullish break could see a bullish retracement within wave 4 (blue). The Fibonacci levels of wave 4 vs 3 could act as resistance.

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