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GBP/USD Bullish Wave 5 Approaches 1.35 Target

June 08, 2018 11:10

GBP/USD

4 hour

GBPUSD - 4 hour - 08.06.2018

The GBP/USD bounced at the top of the bear flag chart pattern and 23.6% Fibonacci retracement level. The bearish bounce however needs to break below the bear flag pattern before it becomes more likely that the wave 4 (purple) correction has been completed and a wave 5 can start. The 38.2% and 50% Fibonacci levels of wave 4 could act as resistance but a break above the 50% makes a wave 4 less likely.

1 hour

GBPUSD - 1 hour - 08.06.2018

The GBP/USD could be in a wave 4 but a break below the 61.8% Fib makes this wave count unlikely and a larger bearish trend could start. A bullish bounce could see price test the Fibonacci levels.

Chris Svorcik

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