|

GBP/USD Completing Wave-A at 38.2% Fib Near 1.2750

GBP/USD showed strong bullish momentum but price is now facing a solid resistance zone via the 38.2% Fibonacci retracement level.

GBP/USD

4 hour

The GBP/USD is likely to make a bearish bounce at the 38.% Fib resistance zone. But the bearish reaction is expected to be mild and not make a new lower low. Instead the current wave outlook suggests a bullish ABC (green) pattern within wave 4 (green) with the main target at the 50% Fibonacci of wave 4 vs 3.

GBPUSD

1 hour

The GBP/USD needs to break below the support trend line (blue) if the price is going to develop a bearish ABC (orange) pattern within wave B (green). The main targets for the bearish ABC zigzag is the 50-61.8% Fibonacci support zone, which could be a bouncing spot for a move up towards 1.2850. An immediate bullish break could indicate a continuation of wave A (green).

GBPUSD

The analysis has been done with the CAMMACD.MTF template.

For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.

Author

Chris Svorcik

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.

More from Chris Svorcik
Share:

Editor's Picks

EUR/USD looks sidelined around 1.1850

EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.