Dear traders, GBP / USD completed the bearish ABC (green) as expected in the previous wave analysis in the key support area (green lines). How far can the bullish rebound go?
1 hour graphic
GBP / USD could retest the resistance zone (red lines) again. It could be part of a wider range. A 5 wave bullish model (blue) remains valid as long as the price remains above the 100% Fibonacci level of wave 2 against 1.
A break below the support invalidates (bullish x) the bullish outlook and indicates a bearish trend. A bullish rebound and a break could confirm (green tick) the scenario. The main target is the previous summit.
The analysis was carried out using the SWAT method (simple wave analysis and trading)
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article was originally published on FX Empire “data-reactid =” 52 “> This article was originally published on FX Empire