HomeContributorsTechnical AnalysisGBP/USD Tests Channel Support And 50% Fib At 1.32

GBP/USD Tests Channel Support And 50% Fib At 1.32

The GBP/USD has been building a bullish correctionwithin the larger downtrend channel for the past several trading days.

The GBP/USD could be in a larger bullish correction such as a wave 2 (pink) if price manages to break above the bearish channel. At the moment a larger WXY (purple) correction seems to be the most likely scenario.

The GBP/USD is probably building a corrective wave 4 (green) within the minor bullish channel on this 1 hour chart. A bullish bounce at the Fibonacci levels of wave 4 vs 3 could confirm the wave 4, just like a bullish breakout above the counter trend line. A break below the support of the channel and 61.8% Fib makes a wave 4 less likely.

admiral
admiralhttps://www.elitecurrensea.com/
Elite CurrenSea Accessible Forex Trading Systems & Education With over 30 years of combined trading experience, we design, test, and provide successful Forex, CFDs & Crypto trading systems and solutions for retail and institutional traders alike.

Featured Analysis

Learn Forex Trading