GBP/USD Forecast. Wave Analysis

eur_gbp_14 hour

The GBP/USD remains choppy and is unable to break above and below the support (blue) and resistance (red) trend lines. A breakout is needed before a larger directional move can be expected, although a bullish breakout still faces resistance from the Fibonacci levels of wave 2 (orange).

1 hour

The GBP/USD completed the ABC zigzag correction (green) as expected in yesterday’s analysis. The next wave depends on the breakout direction. The main scenario is probably that the wave Y (brown) sees price extend sideways.

4 hour

1 hour

Origin: Admiral Markets

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