GBP/USD Key Bullish Breakout Must Stay Above 1.39

forex_news_gbp_74 hour

The GBP/USD has broken above the long-term resistance trend line (dotted red), which makes a bullish continuation likely within wave 5 (blue). Price will need to stay above the support trend lines (blue) otherwise the uptrend is in danger.

1 hour

The GBP/USD is showing strong bullish momentum, which is typical for a wave 3 (orange). As long as the bearish retracement stays above the previous tops (green lines), the current wave pattern is probably a wave 4 (orange) and a bullish continuation is likely.

4 hour

1 hour

Origin: Admiral Markets

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