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GBP/USD Close to Confirming Bearish Continuation

August 24, 2018 09:11

GBP/USD

4 hour

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

The GBP/USD is challenging the support trend line (blue) after bouncing at the 38.2% Fibonacci retracement level. A bearish breakout below the support could confirm the continuation of the downtrend within wave 5, whereas a break above the resistance (red) could indicate a breakout towards the 50% Fib. The wave 4 is invalidated if the price breaks above the bottom of wave 1, which is indicated by the orange trend line.

1 hour

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

The GBP/USD bearish breakout could confirm a continuation of the wave 3 (blue). A bullish bounce at the support could see the price make a retracement within wave 4, but a break above the 50% Fib indicates that a different wave pattern is valid.

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