? GBP/USD Downtrend Losing Steam after Bullish Breakout ?
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Hi traders,
the GBP/USD could continue with the downtrend but price will need to break below the key support zone before a bearish continuation is likely. Otherwise a bullish corrective reversal could take place and price could break above the consolidation zone.
GBP/USD
4 hour
Price will need to break either the resistance (red) or support trend line (green) before it becomes clear whether price is still in the wave 5 (purple) of wave 1 (pink) or whether the wave 2 (pink) correction has finally started.
1 hour
A bearish breakout below the 61.8% Fib could see price fall towards the support trend line (green) and a break below that support line could see price continue with the downtrend and towards the Fibonacci targets.
Good trading,
Chris Svorcik
Elite CurrenSea
.
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