HomeContributorsTechnical AnalysisGBP/USD Behaves Erratic Thanks To The Brexit Process

GBP/USD Behaves Erratic Thanks To The Brexit Process

The GBP/USD breakout is not likely to succeed as larger support and resistance levels are nearby. A bearish break will face Fibonacci retracement levels, whereas a bullish break will run into resistance.

The GBP/USD seems to be building multiple ABC wavesandis creating lots of choppy price action. Overall, the currency pair remains in a difficult spot and is showing erratic patterns. In the long-term though, it seems that the Cable is building a larger ABCDE contracting triangle pattern (purple).

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