Technical Outlook for GBP/USD, EUR/USD, Gold Price & More (Video)
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GBP/USD Bullish ABC Pattern Hits Resistance Trend Line
GBP/USD Bullish ABC Pattern Hits Resistance Trend Line
The GBP/USD remains indecisive at the moment as the long price stays between the triangle chart pattern which is indicated by the support (blue), and the resistance (red) trend lines. A bearish breakout below the support trend line (blue) could indicate a downtrend continuation within wave 5, but could also be part of an extended wave WXY (blue) within wave 4 (purple). A bullish bounce at support could indicate an immediate wave Y (blue), which could see the price move up to the 50% Fibonacci retracement level.
The GBP/USD alternative is a potential bullish 5 wave (light blue), although this scenario is starting to become less likely due to the slow and choppy price action seen in the ABC (orange) within wave X (green). The next breakout above or below the support and resistance trend lines is key for the bullish or bearish direction.
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The Wave Analysis it for today the most flexible, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition. Gbp/usd Price Today , proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective. As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication. The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit 1from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions.
In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan - on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.
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