the GBP/USD has failed to break above the resistance trend line (orange) and show a bullish continuation towards the 50% Fibonacci retracement level of wave 4 vs 3. A retest of the support trend line (blue) seems likely at the moment. Check out for regular ecs.LIVE updates, webinars, analysis and setups in the Forex market.
The GBP/USD is expected to bounce at support (blue) or break above resistance (orange) in a final wave 5 (green), which seems to be an ending diagonal. A bullish break aims for the target zone at around 1.34-1.35 whereas a break below the support line and bottom of wave 2 (orange) invalidates the current wave pattern.
The GBP/USD seems to have completed 5 waves (green) to the upside within a potential wave A (dark red). Now price is expected to build a bearish ABC (green) retracement within wave B (dark red), which could test the Fibonacci levels of wave B vs A.