GBP/USD Forecast. Technical Analysis

gbp-l14 hour

The GBP/USD stopped at the 50% Fibonacci level of wave 2 (blue) after completing an ABC zigzag (orange).

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

1 hour

The GBP/USD needs to break below support (blue/green) to confirm a potential wave 3 (blue). The Fibonacci levels of wave 2 (blue) could act as resistance.

Origin: Admiral Markets

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