The GBP/USD is finding support at the trend lines and 144 ema close. The bulls remain in control but a break above the Wizz 7 level remains critical.
The GBP/USD bullish breakout needs a candle close above 1.2775 to confirm the upside. But also a bounce at support could take place again before the uptrend continues. The main target of a breakout is aiming at Wizz 8 level at 1.2920. The current chart pattern resembles an ascending wedge pattern, which is a bullish formation. A break below at 1.2650 makes the bullish outlook less likely (red x).
The GBP/USD seems to have completed a strong bullish wave 3 (orange). The current pullback is acting as an expected wave 4 (orange) with an ABC (purple). The push up could be a wave 5 of wave 3. Spotting the wave patterns becomes easier when using the moving averages (see image below where you can see ecs.SWAT candles based on the 34 emas).
