GBP/USD Must Break 1.30 or 1.33 for New Trend

Chris Svorcik Elite CurrenSea

Meta description:

GBP/USD needs to break below the support line before a wave 123 pattern becomes likely whereas A bullish break above 100% Fib invalidates wave 2.

GBP/USD

4 hour

The GBP/USD made a bearish bounce at the 88.6% Fibonacci retracement level but will price manage to break below the key support trend line (blue)?

The GBP/USD needs to break below the support trend line (blue) before a wave 123 (purple) pattern becomes more likely. A bullish break above the 100% Fib invalidates the wave 2 (purple) pattern and could indicate a larger WXY (red) correction instead. The key levels are therefore 1.30 for downside and 1.33 for upside.

1 hour

The GBP/USD is building a potential wave 4 (orange) as long as price stays below the Fibonacci retracement levels. A bearish swing could confirm wave 5 (orange) which could be part of a larger wave 1 (green).

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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