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GBP/USD Reverses at 1.36 Resistance and Shows Bearish Breakout

May 15, 2018 10:55

GBP/USD

4 hour

The GBP/USD seems to have completed a sideways consolidation zone which is most likely a wave 4 (blue) pattern. Price is now trying to break below the support trend line (dotted green) which could indicate the end of wave 4 and the start of a bearish wave 5 (blue). The targets are at the Fibonacci levels of wave 5 (blue). Price could be reversing if price manages to break above the resistance trend line (red) at 1.36 – 1.3650.

1 hour

The GBP/USD could have completed the wave 4 (green) as price stayed below the 50% Fibonacci retracement level. Price could now be building a bearish breakout which could be a wave 1 or 3 (green) within the larger wave 5 (blue).

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.