The GBP/USD is moving up and down wildly with lots of volatility. The unpredictable price action however is contained by the support and resistance trend lines and a breakout could occur soon.
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 waves and is 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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