4 hour
The GBP/USD broke above the resistance trend line (dotted red) and could be building a potential bullish retracement as part of a wave 2 (red).
The red trend lines and Fibonacci levels could act as a resistance zone. The purple boxes are indicating a potential head and shoulders reversal chart pattern.
1 hour
The GBP/USD bullish breakout has probably started wave C (purple) of wave 2 (red).
Origin: Admiral Markets
