4 hour
The GBP/USD bounced at the Fibonacci levels of wave 4 vs 3 (brown) as expected in this week’s wave analysis. Price is now challenging the resistance trend line (red) and a bullish breakout could see price move towards the Fib levels of wave 5 (orange/brown).
1 hour
The GBP/USD bearish correction finished at the Fibonacci levels of wave 4 and wave C. The bullish bounce is showing strong bullish momentum, which could indicate that a breakout is likely either now or after a corrective pattern at resistance (red).
4 hour
1 hour
Origin: Admiral Markets