Hi traders,

the GBP/USD made another bearish bounce at the resistance trend line (red), which is expanding the large sideways correction. The GBP/USD must either break support (green) or the resistance lines (red).

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4 hour

The GBP/USD bullish breakout is still the most likely scenario. If the current wave pattern is valid, then price has completed a wave 4 (green) and a bullish breakout could confirm a wave 5 (green) which seems ready to aim for the 50% Fibonacci retracement level of wave 4 vs 3.

1 hour

The GBP/USD broke below the support trend line (blue) and expanded the wave C (green) correction towards the 61.8% Fibonacci retracement level of wave 2 vs 1. The wave 1-2 (orange) wave outlook is invalidated only if price is able to break below the bottom and 100% Fibonacci level. The wave 3 (orange) pattern requires a strong and impulsive breakout otherwise the range and consolidation might last longer.

Good trading,

Chris Svorcik

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