? GBP/USD Decision Time: Downtrend or Bullish Correction? ?

2 min read

Hi traders,

The GBP/USD is in a critical phase where price will either show a continuation of the downtrend or larger bullish retracement.

GBP/USD

4 hour


The GBP/USD could either start a wave 2 (pink) correction once price breaks above the resistance trend line (orange) or continue with the downtrend if price breaks below the previous bottom at 1.31.

1 hour


The GBP/USD could be building a potential wave 1-2 (blue) if price breaks below the support trend line (green). A break below the 100% Fib invalidates the bullish wave 2 reversal (blue).

Good trading,
Chris Svorcik
Elite CurrenSea

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