GBP/USD dips to 50% fibonacci and bounces Impulsively

gbp_news_cmc_forex_14 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).

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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).

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Origin: Admiral Markets

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