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HomeContributorsTechnical AnalysisGBP/USD Bearish Breakout Below Bear Flag Chart Pattern

GBP/USD Bearish Breakout Below Bear Flag Chart Pattern

admiral
By admiral

The GBP/USD made a bullish retracement and bearish continuation as expected in our wave analysis earlier this week. The GBP/USD broke below the support trend line (dotted blue) for a new low after a bearish bounce occurred at the 23.6% Fibonacci retracement level of wave 4 vs 3.

The GBP/USD broke the bear flag chart pattern and is now continuing the downtrend.

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.

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