GBP/USD Bearish Price Action Needs Break for Wave-3

Chris Svorcik Elite CurrenSea

Meta description:

GBP/USD bearish bounce is now testing the previous bottom and larger support trend line, which are both bounce or break spots.

GBP/USD

4 hour

The GBP/USD bearish bounce is now testing the previous bottom (blue) and larger support trend line (blue), which are both bounce or break spots.

The GBP/USD break above the resistance trend line (red) could indicate a bullish move towards the higher resistance trend line (red) whereas a break below support could confirm the potential wave 3 (purple) pattern.

1 hour

The GBP/USD bounced Fibonacci resistance levels but still needs to break below support if it is going to confirm a potential wave 3 (orange). A break above resistance could indicate and expanded correction in wave 2 (green).

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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