GBP/USD Forecast. Wave Analysis

gbp_cfd4 hour

The GBP/USD is building a bear flag pattern and testing the resistance trend line (red).

A bullish break should start a wave 2 (red) correction whereas a bearish break could still indicate the continuation of wave 5 of wave 1 (red).

1 hour

GBP/USD could be building bear flag chart pattern (orange/blue) within a wave 4 (grey). This scenario is invalidated if price manages to break above the top of the bear flag (orange line) and 50% Fib of wave 4 vs 3.

Origin: Admiral Markets

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