GBP/USD Breakout Accelerates Bearish Momentum

Avgust 13, 2018 10:49


4 hour

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

The GBP/USD broke the support line (dotted blue) of the downtrend channel. The bearish breakout is behaving very impulsively, which indicates that the swing is a potential wave 3 (green). A bearish break could extend the 3rd wave towards the Fibonacci targets of wave 3 vs 1, whereas a bullish retracement could bounce at the resistance of the Fibonacci levels of wave 4 vs 3.

1 hour

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

The GBP/USD is building a triangle chart pattern. A bearish breakout could extend the wave 3 (green) to a lower low, and could fall down to the Fibonacci targets. A bullish break is probably limited in its movement, as price is hitting resistance trend lines (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.

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