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GBP/USD Prepares for Bullish Wave C Pattern

September 13, 2018 09:39

GBP/USD

4 hour

GBP/USD Hourly ChartSource: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – 13 September 2018 at 5:00 AM GMT

The GBP/USD has broken above the resistance trend line (dotted orange), but the breakout has been slow and choppy. The price will need to break above the resistance zone (red) before a new breakout is possible. The target could be the 38.2% Fibonacci level of wave 4 vs 3 near 1.33. A break below the support trend line could indicate a bearish breakout.

1 hour

GBP/USD Hourly ChartSource: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – 13 September 2018 at 5:00 AM GMT

The GBP/USD seems to have completed an ABC (orange) correction which probably completed a wave B (green). The price could now be in a wave 1-2 (orange) pattern as long as it stays above the bottom of wave 1. The price needs to break above the resistance before an uptrend continuation is possible.

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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