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GBP/USD Challenges 61.8% Support Fib after ABC Correction

June 27, 2018 08:54


4 hour

The GBP/USD remains in a downtrend channel but the bearish momentum is weakening. Price is in a difficult spot because both the bullish correction and downtrend continuation are equally likely. That said, the wave count is favouring a larger corrective zone back towards the Fibs of wave 2 (pink).

1 hour

The GBP/USD seems to be building a bearish ABC correction (green), which has respected and stopped at the 61.8% Fibonacci level of wave 2. This wave pattern is invalidated if price breaks below the 100% Fib. Price could move up higher as part of a wave 3 or wave C if price breaks above the resistance trend line (orange).

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.