Sat, May 08, 2021 @ 21:41 GMT
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GBP/USD Awaits Wave 4 Pullback

The GBP/USD seems to have completed a wave B (blue) retracement and started a bullish wave C (blue) as long as price does not show strong bearish impulsive price action.

The GBP/USD bearish breakout below the 61.8% Fibonacci level of wave 4 v 3 and the support zone (blue box) could indicate that price has made a bullish ABC pattern rather than a 123 count. A bullish bounce however at the Fibonacci levels of wave 4 vs 3, such as the 38.2%, could confirm a bullish continuation higher towards the Fibonacci targets of wave 3 vs 1.

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