Admiral Markets Group consists of the following firms:

Admiral Markets Pty Ltd

Regulated by the Australian Securities and Investments Commission (ASIC)

Admiral Markets UK Ltd

Regulated by the Financial Conduct Authority (FCA)

Admiral Markets AS

Regulated by the Estonian Financial Supervision Authority (EFSA)

Admiral Markets Cyprus Ltd

Regulated by the Cyprus Securities and Exchange Commission (CySEC)
Note: If you close this window without choosing a firm, you agree to proceed under the FCA (UK) regulation.
Note: If you close this window without choosing a firm, you agree to proceed under the FCA (UK) regulation.
Regulator fca efsa CySEC asic

GBP/USD Bullish Retracement within Bearish Trend Aims at 1.36

May 14, 2018 10:41


4 hour

The GBP/USD is building a consolidation pattern after a strong bearish impulse. A bearish breakout could indicate a downtrend continuation within wave 5 (purple) towards the Fibonacci targets whereas a bullish breakout could confirm the completion of wave 5 of wave 1 (pink) at the most recent low. A bullish reversal would only become more likely if price is able to break above the previous tops which could indicate the completion of the wave 1 (pink) and the start of the wave 2 (pink).

1 hour

The GBP/USD could still be in an expanded wave 4 (green) but price should stay below the 50% Fibonacci still respected the Fibonacci levels of wave 4 (green) despite the volatile news events on the GBP. Price made a first attempt to break support but failed to close strongly below 1.35. Price will need to break above the resistance (red) or below the support (green) trend lines before a next impulsive price action can be expected.

Chris Svorcik

P.S. Don't forget to follow Admiral Markets on Facebook – or @AdmiralMarkets on Twitter – for the latest market updates.

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.

Risk Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.