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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.

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