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GBP/USD Bearish Retracement Retests Key 1.40 Support Zone

April 02, 2018 08:24

GBP/USD

4 hour

The GBP/USD is testing the Fibonacci levels of the potential wave 4 (green) retracement. Price is a key support zone due to the 50% Fib, 1.40 round level, long-term moving average, and support trend line (blue). A bullish bounce could see price move up within the trend whereas a bearish break could indicate a reversal.

1 hour

The GBP/USD might have completed a wave C (grey) of a wave 4 (green) retracement if price manages to break above the resistance trend lines (red). A break below the 50 and 61.8% Fibonacci level makes a wave 4 (green) less likely.

Good trading,

Chris Svorcik

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