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GBP/USD Massive Bullish Spike Turns at 78.6% Fibonacci

September 06, 2018 09:29

GBP/USD

4 hour

GBP/USD 4 Hour ChartSource: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – 6 September 2018 at 5:00 AM GMT

The GBP/USD showed a strong bullish spike yesterday, which could indicate a completed bearish wave 1 (blue) and a pullback within wave 2 (blue). This is invalidated if the price manages to break above the previous top, together with, the 100% Fibonacci retracement level around 1.3040. A break below the support trend line (blue) confirms the bearish breakout.

1 hour

GBP/USD 1 Hour ChartSource: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – 6 September 2018 at 5:00 AM GMT

The GBP/USD broke the triangle to the downside and completed a wave 5 (green) before moving up quickly. The spike could either be a pullback within the downtrend or a reversal, which will depend on the next breakout direction. The GBP/USD hit the 78.6% Fibonacci retracement level, which acted as a resistance spot. The price will need to break below the support (blue zone) and then show a bear flag pattern, before a downtrend continuation has better odds of success.

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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