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GBP/USD Testing Fibonacci Resistance Levels of Wave-4

September 05, 2018 09:51

GBP/USD

4 hour

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

The GBP/USD is showing strong bearish momentum after completing an ABC zigzag within a wave 4 (purple) correction. The bearish breakout could indicate a restart of the downtrend within waves 5. Whether the price has completed a wave 3 (blue) or a wave 1 will depend on how the price reacts to the Fibonacci retracement levels of wave 4 vs 3 (see the 1 hour chart for more information).

1 hour

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

The GBP/USD could be building a wave 4 (blue) if the price stays below the 50% Fibonacci retracement level. A break above the 50% Fib could indicate a wave 1-2 pattern rather than a wave 3-4.

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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