GBP/USD Downtrend Losing Steam after Bullish Breakout

Chris Svorcik Elite CurrenSea

Meta description: The GBP/USD could continue with the downtrend but price will need to break below the key support zone before a bearish continuation is likely. Otherwise a bullish corrective reversal could take place and price could break above the consolidation zone.

GBP/USD

4 hour

The GBP/USD could continue with the downtrend but price will need to break below the key support zone before a bearish continuation is likely. Otherwise a bullish corrective reversal could take place and price could break above the consolidation zone. Price will need to break either the resistance (red) or support trend line (green) before it becomes clear 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

A bearish breakout below the 61.8% Fib could see price fall towards the support trend line (green) and a break below that support line could see price continue with the downtrend and towards the Fibonacci targets.

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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