GBP/USD Bullish Reversal after Bearish Trend Reaches 1.31?

Chris Svorcik Elite CurrenSea

Meta description: GBP/USD made another low but closed and reversed after reaching 1.31. The GU showed strong bullish momentum which could indicate a larger bullish move.

GBP/USD

4 hour

The GBP/USD made another low but closed and reversed after reaching 1.31. The GU showed strong bullish momentum as it broke above the resistance trend line which could indicate a larger bullish move.

The GBP/USD might have completed a potential wave 5 of a larger wave 1, which could kick off a larger bullish correction in wave 2.

1 hour

The GBP/USD bullish correction could develop via a wave 1-2 (purple) pattern. The wave 2 is invalidated if price breaks below the bottom of wave 2 (the 100% Fibonacci level).

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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