? GBP/USD Bounces at Fib Levels and Breaks Support Line ?

Hi traders,

The GBP/USD made a bearish bounce at the resistance trend line and could be expanding the downtrend. A bearish break below the round level of 1.3250 and the previous bottom could see price move towards the Fibonacci targets of wave 5 (blue).

GBP/USD

4 hour

The GBP/USD could either be completing a wave 5 of a larger wave 1 or price is in a strong momentum as part of a wave 3 (current chart).

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1 hour

The GBP/USD bounced and turned at the 38.2-50% Fibonacci levels of wave 4 (green) which means that price is not in an ending diagonal. Price does seem to have completed a wave 4 though and GU broke below the support trend line (dotted green) after the Fib bounce. Price will need to break below the 1.3250 round level but keep in mind that today offers high impact news from the US with non-farm payroll (NFP) figures and unemployment rate.

Good trading,
Chris Svorcik
Elite CurrenSea
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