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GBP/USD Falling Wedge Reversal Pattern Challenges 1.34 Support

May 23, 2018 10:51

GBP/USD

4 hour

The GBP/USD made a strong bullish rally yesterday which approached the 1.35 resistance level. Price is now testing the support trend line again (green) but the price pattern is starting to resemble a falling wedge chart pattern. Price would need to break below the support zone of 1.3380-1.34 before the downtrend is able to continue whereas a bounce at support could indicate a potential bigger retracement within wave 2 (pink).

1 hour

The GBP/USD could be building a WXY correction pattern (purple). A bearish breakout could see a potential continuation lower towards 1.3250-1.33 whereas a bullish breakout could retrace back to the Fibonacci retracement levels of wave 2 (pink).

Chris Svorcik

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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.