Sat, May 08, 2021 @ 23:05 GMT
Home Contributors Technical Analysis GBP/USD Remains Bullish After Bounce At 38.2% Fib

GBP/USD Remains Bullish After Bounce At 38.2% Fib

A GBP/USD retracement could see price retest the support zone, which could be a bouncing spot for an upside as well. The bullish view is invalidated if price is able to break below all of the support zones. In that case a larger bearish correction is taking place.

The GBP/USD most likely completed a wave 4 (green) at the 38.2% Fibonacci retracement level. This is way for the moment the GBP/USD is either expecting a bullish breakout as part of wave 5 (green) of wave C (blue) or a bearish retracement to test the support zone again.

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