☝️ GBP/USD Challenges Resistance after Bears Fail to Break 1.35 ☝️

2 min read

Hi traders,

the GBP/USD is unable to break above the resistance at 1.36 or below the support zone at 1.35. The downtrend is still valid and a bearish breakout could price fall towards the Fibonacci targets of wave 5 (purple).

GBP/USD

4 hour

A bullish break above that resistance would indicate the completion of wave 1 (pink) and the start of wave 2.

1 hour

The GBP/USD made a bearish bounce at the 38.2% Fibonacci level of wave 4 (green) and broke below the support trend line (dotted green). This breakout could have completed the wave 5 (green) but a continuation of the downtrend towards the Fibonacci targets of wave 5 (green) is also possible if price breaks below the previous bottom (green). A break above the 61.8% Fibonacci retracement level could indicate the potential end of the downtrend.

Good trading,

Chris Svorcik
Elite CurrenSea
.

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