? GBP/USD Tests Channel Support and 50% Fib at 1.32 ?

2 min read

Hi traders,

The GBP/USD has been building a bullish correction within the larger downtrend channel for the past several trading days.

GBP/USD

4 hour


The GBP/USD could be in a larger bullish correction such as a wave 2 (pink) if price manages to break above the bearish channel. At the moment a larger WXY (purple) correction seems to be the most likely scenario.

1 hour


The GBP/USD is probably building a corrective wave 4 (green) within the minor bullish channel on this 1 hour chart. A bullish bounce at the Fibonacci levels of wave 4 vs 3 could confirm the wave 4, just like a bullish breakout above the counter trend line. A break below the support of the channel and 61.8% Fib makes a wave 4 less likely.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of

🍿️ Discover your path to a 100% yearly returns over the convos with Chris Svorcik!

X