GBP/USD Forecast: bearish breakout faces bullish ABC zigzag

news_22_feb_1_gbp_usd4 hour

The GBP/USD broke above and below the local triangle pattern (dotted lines) but the major support (blue) and resistance (red) trend lines are still intact. A breakout is needed before a larger directional move can be expected.

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The GBP/USD is probably expanding the correction via an ABC zigzag correction (green) if price stays in between support and resistance trend lines. A break below the 100% Fibonacci level of wave B vs A invalidates the bullish ABC wave.

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Origin: Admiral Markets

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