GBP/USD Bullish Reversal Remains Fragile within ABC Correction

gbp-l34 hour

The GBP/USD showed a bullish bounce at the key support trend line (blue), which indeed caused an expansion of wave 2 (blue) via an ABC zigzag (orange).

A bearish breakout could confirm wave 3 (red). The GBP/USD wave 2 is invalidated if price breaks above the 100% Fibonacci level.

1 hour

The ABC (orange) correction could continue above the resistance (red) if price manages to use the Fibonacci levels of wave 4 (grey) without breaking below the 61.8% Fibonacci level. The breakout would probably complete 5 waves (grey) within wave C (orange).

Origin: Admiral Markets

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