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GBP/USD Prepares ABC Pattern in Bearish Wave 2

October 05, 2018 09:46

GBP/USD

4 hour

GBPUSD Hourly Chart - Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – Accessed 5 October 2018 at 5:00 AM GMT

The GBP/USD currency pair made a bullish bounce and is now retesting the resistance trend line (red), which is a decision zone for a bullish breakout or a bearish bounce. The price reaction will depend on which candlestick patterns develop at the resistance line. A bullish break could see the price move higher to the test the Fibonacci levels, whereas a break below the support trend line (blue) could indicate a larger bearish breakout.

1 hour

GBPUSD Hourly Chart - Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – Accessed 5 October 2018 at 5:00 AM GMT

The GBP/USD currency pair is probably building an ABC (blue) retracement back to the Fibonacci retracement levels of wave 2 vs 1. This wave 2 (purple) is invalidated when the price breaks above the 100% Fibonacci level.

Daily

GBPUSD Daily Chart - Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – Accessed 5 October 2018 at 5:00 AM GMT

The GBP/USD currency pair is indicating the potential start of wave 5 (pink) and end of wave 4 (pink) if price manages to break below the support trend line (blue).

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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