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GBP/USD Testing 50-61.8% Fibonacci Resistance Zone

October 08, 2018 09:10

GBP/USD

4 hour

GBPUSD Hourly Chart - Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on GBPUSD motive wave – Accessed 8 October 2018 at 4:00 AM GMT

The GBPUSD currency pair broke above the resistance trend line (dotted red) for a bullish breakout, but the price is now struggling at the Fibonacci retracement levels of wave 2 vs 1. Whether the price manages to break or bounce depends on the candlestick patterns, and whether the price will break above the 100% Fib (invalidates wave 2) or below the support trend line (confirms wave 2).

1 hour

PICTURE [date 1]

GBPUSD Hourly Chart - Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – Accessed 8 October 2018 at 4:00 AM GMT

The GBP/USD currency pair is testing the Fibonacci retracement levels of wave 2 vs 1. A break above the 100% Fibonacci level indicates an expanded and ongoing wave 4 (pink) rather than a wave 2 (purple).

Daily

GBPUSD Daily Chart - Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – accessed 8 October 2018 at 4:00 AM GMT

The GBP/USD currency pair seems to have completed a wave 4 (pink) correction at the 38.2% Fibonacci retracement level. The price, however, needs to break below the support trend line (blue) to confirm the start of the wave 5 (pink).

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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