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GBP/USD Bear Flag Completes Wave C at 1.35 Resistance

June 07, 2018 10:46

GBP/USD

4 hour

GBPUSD - 4 hour - 07.06.2018

The GBP/USD is building a bear flag chart pattern within a wave 4 (purple) correction. The Fibonacci levels of wave 4 could act as resistance and a break below the channel could indicate the end of wave 4 and the start of wave 5. A break above the 50% makes a wave less likely.

1 hour

GBPUSD - 1 hour - 07.06.2018

The GBP/USD is expanding the bullish wave 5 (green) after bouncing at support (blue). Price is now approaching a confluence of resistance at the Fibonacci targets and trend channel top, which offers a new bounce or break zone.

Chris Svorcik

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