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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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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.