GBP/USD Prepares for Bullish Wave C Pattern
4 hour
The GBP/USD has broken above the resistance trend line (dotted orange), but the breakout has been slow and choppy. The price will need to break above the resistance zone (red) before a new breakout is possible. The target could be the 38.2% Fibonacci level of wave 4 vs 3 near 1.33. A break below the support trend line could indicate a bearish breakout.
1 hour
The GBP/USD seems to have completed an ABC (orange) correction which probably completed a wave B (green). The price could now be in a wave 1-2 (orange) pattern as long as it stays above the bottom of wave 1. The price needs to break above the resistance before an uptrend continuation is possible.
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