GBP/USD Testing 50-61.8% Fibonacci Resistance Zone

news_22_feb_2_gbp_usd4 hour

The GBPUSD currency pair broke above the resistance trend line (dotted red) for a bullish breakout, but the price is now struggling at the Fibonacci retracement levels of wave 2 vs 1. Whether the price manages to break or bounce depends on the candlestick patterns, and whether the price will break above the 100% Fib (invalidates wave 2) or below the support trend line (confirms wave 2).

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The GBP/USD currency pair is testing the Fibonacci retracement levels of wave 2 vs 1. A break above the 100% Fibonacci level indicates an expanded and ongoing wave 4 (pink) rather than a wave 2 (purple).

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GBPUSD Hourly Chart - Wave Analysis

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GBPUSD Hourly Chart - Wave Analysis

Origin: Admiral Markets

 

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