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GBP/USD Chart Pattern Indicates Wave-4 Correction in Downtrend

August 14, 2018 09:09

GBP/USD

4 hour

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

The GBP/USD is building a triangle pattern after breaking below the support line (dotted blue) of the downtrend channel. A new bearish breakout could indicate an immediate continuation within wave 3 (blue), which could fall towards the Fibonacci targets of wave 3 vs 1.

1 hour

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

The GBP/USD is building a sideways corrective chart pattern. A bearish breakout could indicate a longer wave 3 (blue) whereas a bullish break could see a bullish retracement within wave 4 (blue). The Fibonacci levels of wave 4 vs 3 could act as resistance.

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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