GBP/USD expands wave 4 towards 38.2% Fibonacci level

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD 4 hour The EUR/USD indeed bounced at the support trend line (green) and Fibonacci level. Price is now approaching the resistance level (orange) and top of the contracting triangle chart pattern. A break above resistance could see price move to higher Fibonacci targets. 1 hour The EUR/USD broke above the inner resistance trend line (orange dotted). The bullish movement seems to be unfolding within an impulsive 5 wave (orange), which could be part of a larger ABC (green). GBP/USD 4 hour

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