GBP/USD Forecast: breaks contracting triangle pattern in bearish channel

gbp_cfd4 hour

The GBP/USD is building lower lows and lower highs which makes a bearish ABC (grey) a bit less likely and a wave 123 (green) more probable, although a bearish breakout below support (blue) is still needed to confirm. The wave 4 (orange) correction is less likely if price breaks above the resistance trend line (yellow). A break below the support trend line (blue) increases the chance of a bearish break within wave 5 (orange).

1 hour

The GBP/USD broke the support trend lines (dotted blue) of the triangle chart pattern. Price will need to show bearish momentum and bear flag chart patterns to confirm a potential wave 3 impulse. Price would also need to break below the bottom of the bearish channel (blue).

4 hour

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Origin: Admiral Markets

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