GBP/USD Bearish Price Action Breaks Support But Approaches Fib Confluence

Discussion in 'Technical Analysis' started by Kaitlin, Jun 13, 2016.

  1. Kaitlin

    Kaitlin Forum Member

    Aug 29, 2015
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    The current bearish momentum has been marked as a retracement for a wave X (purple), but this wave structure is invalidated if price manages to break below the long-term support trend line (green) and 100% Fibonacci level. The 61.8% and 78.6% Fibonacci retracement levels could become bullish bounce spots.[​IMG]

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