? GBP/USD Long-Term Wave Analysis 19 Nov ’18 ?

2 min read

Hi traders,

The GBP/USD made a bullish bounce at the support zone (green), which seems to confirm the expected ABCDE (purple) triangle pattern.

GBP/USD

Daily


The GBP/USD is now testing the Fibonacci retracement levels of wave E vs D. A bullish bounce could move up as long as it stays below the 100% Fib otherwise the triangle pattern is invalidated. The triangle seems to be part of a larger wave 4 (pink).

Weekly


The GBP/USD is long-term in a strong downtrend and the current pause seems to be a small consolidation within that trend.

Monthly


The GBP/USD bearish breakout could confirm a potential bearish wave 5 (purple).

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Good trading,
Chris Svorcik
Elite CurrenSea

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