GBP/USD Bullish Reversal at 78.6% Fib after H&S Pattern

Liepa 16, 2018 11:40

GBP/USD

4 hour


Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

The GBP/USD made a strong bullish bounce at the 78.6% Fibonacci level of wave X vs W, which was also an inverted head and shoulders reversal pattern (purple boxes). The bullish momentum seems to be confirming a larger bullish correction within wave 2 (pink) via a WXY (purple) pattern. The break of the downtrend channel could confirm this wave pattern whereas a break below the Fib level could indicate a continuation of the downtrend.

1 hour


Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

The GBP/USD seems to have completed 5 bearish waves (green) within a wave C (blue) at the 78.6% Fib. The bullish bounce is showing strong bullish momentum and is most likely a bullish wave A (blue) of a larger ABC pattern.

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