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GBP/USD Challenges Support of Bear Flag Chart Pattern

September 27, 2018 10:15

GBP/USD

4 hour

GBPUSD Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – Accessed: 27 September 2018 at 6:00 AM GMT

The GBPUSD currency pair is building a potential bear flag chart pattern, which could be part of a wave 4 (blue) pattern as long as the price does not break above the bottom of wave 1, which is indicated by the red trend line. A break below the support (blue) of the bear flag could indicate a continuation towards the Fibonacci targets.

1 hour

GBPUSD Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – Accessed: 27 September 2018 at 6:00 AM GMT

The GBPUSD currency pair could have made an ABC (green) pattern within wave 4 (blue), but the confirmation of that occurs when the price breaks through the support line (blue). A break above the resistance invalidates this wave pattern.

Daily

GBPUSD Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – Accessed: 27 September 2018 at 6:00 AM GMT

The GBPUSD currency pair made a bearish bounce at the 38.2% Fibonacci level when reviewing the daily chart. The price needs to break the support trend line (blue) before the completion of wave 4 (pink), and the start of wave 5 (pink) becomes more likely.

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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