GBP/USD Bullish Breakout Challenges Downtrend Channel

Liepa 17, 2018 12:52

GBP/USD

4 hour


Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD Motive Wave

The GBP/USD broke above the resistance trend line (dotted orange) and is now testing the resistance line (red) of the downtrend channel. A bullish break of the downtrend channel could confirm a larger WXY (purple) bullish correction within wave 2 (pink). Price could move up to test the 38.2% Fibonacci retracement level of that wave 2 at 1.3550.

1 hour


Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD Motive Wave

The GBP/USD could be building an ABC pattern (green) within wave B (blue) but there is also a chance that price has already completed wave B (blue) at the 38.2% Fibonacci level of wave B vs A. A break above the resistance trend line (red) could indicate an immediate bullish breakout within wave Y (purple).

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.


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