GBP/USD Bullish Momentum Challenges Previous Resistance Top

GBP/USD

4 hour

The GBP/USD uptrend keeps pushing for higher highs. Price has now arrived at the previous top on a daily chart which is a strong resistance level. A bullish breakout could see price make an extension towards the round level at 1.45 whereas a bearish retracement could test the support trend lines.

1 hour

The GBP/USD is in a bullish wave 3 (black) which might not yet be completed. A bullish breakout could see price move higher towards the Fib targets of wave 3 whereas a retracement could be part of a wave 4 and test the Fib levels of wave 4 vs 3. A break below the 61.8% makes a wave 4 less likely.

Good trading,

Chris Svorcik

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