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Bullish GBP/USD Testing Tops and Support of Wave-1

September 14, 2018 10:30

GBP/USD

4 hour

GBP/USD Hourly Chart
Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – 14 September 2018 at 6:00 AM GMT

The GBP/USD is challenging the resistance trend line (red), where a bullish breakout could see the price continue to the Fibonacci targets of wave Y vs W, whereas a bearish bounce could see a move back to the support trend line (blue). The angle of the resistance trend line is converging with the support, which is indicating a rising wedge chart pattern.

1 hour

GBP/USD Hourly Chart

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – 14 September 2018 at 6:00 AM GMT

The GBP/USD is in a potential wave 4 (dark red) as long as price stays above the top of wave 1 which is indicated by the green trend line. A bullish continuation could be part of a wave 5 of wave 3 (orange).

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