GBPUSD Triangle Pattern Instrumental for Bull or Bear Break

Chris Svorcik Elite CurrenSea

GBP/USD

4 hour

The GBP/USDhas reached a key decision zone, which is the support line (blue) of the downtrend channel. The GU will either make a bullish bounce to confirm an expanded WXY (purple) correction or price will break for a continuation of the downtrend via a potential wave 3 (purple).

The GBP/USD break below the 138.2% Fibonacci level would invalidate the wave X (pattern) and confirm an impulsive price swing and wave pattern.

1 hour

The GBP/USD is building a triangle chart pattern which lends itself for a renewed breakout potential. A bullish break indicates space towards the next resistance level (red) whereas a bearish breakout below support (blue) could indicate a downtrend continuation.

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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