GBP/USD Bullish Bounce or Bearish Break at 1.35 Support Zone

Chris Svorcik Elite CurrenSea

Meta description: The GBP/USD is hesitating with making a breakout in either direction. Price could continue with the downtrend but a break below the key support zone remains key. A break above the resistance zone could indicate a larger bullish corrective reversal.

GBP/USD

4 hour

The GBP/USD is hesitating with making a breakout in either direction. Price could continue with the downtrend but a break below the key support zone remains key.

A break above the resistance zone could indicate a larger bullish corrective reversal. The breakout direction will decide whether price is still in the wave 5 (purple) of wave 1 (pink) or whether the wave 2 (pink) correction has finally started.

1 hour

The GBP/USD seems to be building an expanded correction at the moment as price failed to break below the 78.6% Fibonacci level of wave X (blue). Price will need to break below the support trend line (blue) before a larger bearish breakout could occur whereas a break above the resistance trend lines could indicate the continuation of the wave Y (blue).

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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