GBP/USD Impulsive Bearish Break Aims at 1.2750 Target
|The GBP/USD made a critical bearish breakout below the support trend lines (dotted blue). This indicates a strong downtrend continuation.
4 hour chart
The GBP/USD was building a bull flag pattern, but the chart pattern failed to break north. The lower low is now confirming a bearish ABC (orange) zigzag pattern instead. The bears are aiming for the 61.8% Fibonacci level of wave 4 vs 3. The 61.8% Fib is the last defense of the bulls for this wave 4 (blue).
1 hour chart
The GBP/USD is showing strong bearish momentum. This is typical for a wave 3 (gold). The breakout below 1.29 should send price towards the Fibonacci targets. Multiple wave 3-4-5 patterns can form them, which could send price all the way to 1.2750. A break above 1.2950 is not expected (red x).
The analysis has been done with the CAMMACD.Core System.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.