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GBP/USD Bullish Breakout Aims at Fib Targets of Wave 5

July 26, 2018 09:13


4 hour

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

The GBP/USD broke above the resistance trend lines (dotted orange) and price is now challenging the top of the downtrend channel (red). A bearish bounce is more likely as price could be completing a wave A of a larger ABC zigzag pattern. A break below the support trend line could confirm the completion of wave A and the start of wave B. Eventually a larger bullish correction is expected to take place within wave Y (purple) if this is wave pattern is correct.

1 hour

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

The GBP/USD confirmed the bullish wave 5 (green) pattern when price broke above the resistance trend line (red) yesterday. The bullish break makes an ABC (blue) zigzag pattern likely. Price could move up to the Fibonacci targets of wave 5 if price continues above the consolidation (purple box).

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.

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