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GBP/USD Bearish Trend Loses Momentum Near 1.35 and NFP

May 04, 2018 10:59

GBP/USD

4 hour

The GBP/USD bearish trend continued yesterday with a new lower low but price action seems to be slowing down. Price action looks more corrective in the most recent channel (orange/blue lines) as price approaches the critical 1.35 round level, which could be a new bounce or break spot. Price remains bearish as long as price stays below the resistance trend line (red) but a bullish break above the resistance would indicate the completion of wave 1 (pink) and the start of wave 2. Please note that today's NFP event could impact price action.

1 hour

The GBP/USD has either completed the wave 4-5 (green) correction or is still expanding the wave 4 (green) correction. This will depend on whether price will respect the Fibonacci levels and make a bearish bounce or will it break above the 61.8% Fib and resistance trend line (red).

Chris Svorcik

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