GBP/USD Bullish Impulse Challenges 1.30 Resistance Zone

Chris Svorcik Elite CurrenSea

Dear traders, the GBP/USD made a lower high after showing bullish momentum. Can the Cable make one more rally within the range?

4 hour chart

The GBP/USD price action remains choppy. The trend lines indicate the lack of a trend. But the bullish impulse could be labelled as a wave 1 (green) after price action completed a potential bearish wave C (orange). This is invalidated (red x) if price is able to break below the 100% Fib level. A break above the resistance levels (red) could indicate a move up to 1.31 or 1.3150 and the next resistance zone (red).

1 hour chart

The GBP/USD is showing a potential bullish impulse as a wave 1 (green). But the wave pattern can also be a wave A for a larger ABC pattern. The key levels remains the bottom at 1.2850 for a bearish breakout and 1.30 resistance for a bullish breakout.

The analysis has been done with the CAMMACD.Core System.

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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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