GBP/USD reaches key decision zone at fibonacci support

eu-l134 hour

The GBP/USD is building a bearish correction which is probably part of a larger a wave 4 (brown). The 38.2% and 50% Fib levels are expected to act as support, but this wave pattern is invalidated if price breaks below the 61.8% Fibonacci level of wave 4 vs 3.

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The GBP/USD is having troubles breaking below the support with the downtrend channel. A break above the resistance (orange) could indicate a potential bullish bounce and breakout.

4 hour

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Origin: Admiral Markets

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