GBP/USD Bearish Wave 3 Breaks 1.3550 Support Zone

Chris Svorcik Elite CurrenSea

Meta description: The GBP/USD downtrend showed a strong bearish continuation yesterday when it broke below the 1.3550 and 1.35 support levels and support trend line. Price needs to stay below the 61.8% resistance Fib of wave 4 otherwise a larger consolidation might still be taking place.

GBP/USD

4 hour

The GBP/USD downtrend showed a strong bearish continuation yesterday when it broke below the 1.3550 and 1.35 support levels and support trend line (dotted green). Price did bounce at the next support trend line at 1.3450 (green) which makes a bearish continuation uncertain. A break below that the trend line (green) could indicate a next bearish fall towards the Fibonacci targets of wave 5.

1 hour

TheGBP/USDseems to have completed 4 bearish waves and could have one more wave 5 (green) remaining but price needs to stay below the 61.8% resistance Fib of wave 4 (green) otherwise a larger consolidation might still be taking place.

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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