GBP/USD Must Break Pattern Lines For New Trend

The GBP/USD bounced again at the resistance trend line and is now approaching a key support trend line, which is a new bounce or break spot.

The GBP/USD needs to break above the resistance (red) or below the support (blue) of the triangle pattern and sideways price action before a new trend becomes clear.

The GBP/USD bounced at the 78.6%Fibonacci retracement level of wave 2 vs 1 (green) but price needs to break below the support trend line (blue) to confirm a wave 3 (orange).A break above the 100% Fib level invalidates this wave pattern.