? GBP/USD Bearish Breakout in Wave 5 after Completing ABC ?

2 min read

Hi traders,

the GBP/USD made a sideways correction within the larger bearish momentum. The bearish pressure is strong and price is breaking below the zone for a continuation of the downtrend.

GBP/USD

4 hour

 

Price seems to be finalizing a bearish wave 5 (purple) within wave 1 (pink). Once the wave 5 is completed, price could eventually make a bullish ABC correction within wave 2 (pink).

1 hour

The GBP/USD completed an ABC (green) correction within wave 4 (purple). Price is now breaking below support trend line (dotted blue) for a bearish continuation within wave 5 (purple).

Good trading,

Chris Svorcik
Elite CurrenSea

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