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GBP/USD Full Steam Ahead with 1.30 Resistance Nearby

Chris Svorcik

GBP/USD

4 hour

The GBP/USD bullish breakout above resistance (red) confirms (green check) the wave 5 (green) of a larger wave 3 (pink). It also invalidates (red x) the old wave 4 (purple) outlook. A bullish break (green arrows) would usually be aiming at the 61.8% Fibonacci target of wave 5 vs 1+3 at 1.3270. The dotted arrows indicate the alternative path of price if a breakout fails.

1 hour

The GBP/USD is breaking above the resistance trend line (dotted red) of the uptrend channel. At the moment, the price is likely to test the key resistance level at 1.30, which is a critical decision zone for a bounce or break. A breakout (green arrows) above 1.30 confirms (green check) a full scale uptrend whereas a push below the channel invalidates (red x) impulsive wave outlook.

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Good trading,
Chris Svorcik
Elite CurrenSea

This article was originally posted on FX Empire

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