Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – 14 September 2018 at 6:00 AM GMT
The GBP/USD is challenging the resistance trend line (red), where a bullish breakout could see the price continue to the Fibonacci targets of wave Y vs W, whereas a bearish bounce could see a move back to the support trend line (blue). The angle of the resistance trend line is converging with the support, which is indicating a rising wedge chart pattern.
The GBP/USD is in a potential wave 4 (dark red) as long as price stays above the top of wave 1 which is indicated by the green trend line. A bullish continuation could be part of a wave 5 of wave 3 (orange).This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.