4 hour
The GBP/USD is showing a strong bullish rally after the breakout. Price is now approaching a key resistance zone which is indicated by the resistance trend line (orange). The orange horizontal line is the bottom of wave 1 on a weekly chart and a break above it indicates an invalidation of a long-term bearish wave count.
1 hour
The GBP/USD bullish momentum is best explained by a wave 3 (grey) and a retracement is most likely a wave 4 (grey) if price behaves slowly and correctively.
4 hour
1 hour
Origin: Admiral Markets
