GBP/USD Breaks Triangle Pattern with Strong Wave-3 Momentum
https://admiralmarkets.com/analytics...ave-3-momentum - Your capital is at risk
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...02-2017gu4.png
The GBP/USD bounced again at the support level (blue line) of the contracting triangle chart pattern and broke above resistance (red dotted). Price could now potentially retest the larger resistance trend line (brown) as part of wave C (blue).
1 hour
https://fxmedia.s3.amazonaws.com/art...02-2017gu1.png
The GBP/USD broke above resistance (dotted red) and picked up momentum as part of a wave 3 (grey). The wave 4 (grey) should typically not retrace deeper and beyond the 50% Fibonacci. The next higher high is probably part of wave 5 (grey) of wave 3 (purple) after which a new wave 4 (purple) could retrace back to the previous wave (grey) and bounce for one more wave 5 (purple).
https://admiralmarkets.com/analytics...ave-3-momentum - Your capital is at risk
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...02-2017gu4.png
The GBP/USD bounced again at the support level (blue line) of the contracting triangle chart pattern and broke above resistance (red dotted). Price could now potentially retest the larger resistance trend line (brown) as part of wave C (blue).
1 hour
https://fxmedia.s3.amazonaws.com/art...02-2017gu1.png
The GBP/USD broke above resistance (dotted red) and picked up momentum as part of a wave 3 (grey). The wave 4 (grey) should typically not retrace deeper and beyond the 50% Fibonacci. The next higher high is probably part of wave 5 (grey) of wave 3 (purple) after which a new wave 4 (purple) could retrace back to the previous wave (grey) and bounce for one more wave 5 (purple).