GBP/USD bullish zigzag tests deep Fib retracement levels
http://www.admiralmarkets.com/analyt...acement-levels - Your capital is at risk
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...11-2016gu4.png
The GBP/USD did not manage to break below the support trend line (green) and in fact showed a bullish bounce. Price then broke above the resistance trend line (dotted red) which makes a wave 2 (blue) retracement likely.
1 hour
https://fxmedia.s3.amazonaws.com/art...11-2016gu1.png
The GBP/USD is most likely building an ABC (orange) zigzag correction within wave 2 (blue). Price could complete the wave 2 at the Fibonacci retracement levels although a break above the 100% level invalidates the current wave count.
http://www.admiralmarkets.com/analyt...acement-levels - Your capital is at risk
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...11-2016gu4.png
The GBP/USD did not manage to break below the support trend line (green) and in fact showed a bullish bounce. Price then broke above the resistance trend line (dotted red) which makes a wave 2 (blue) retracement likely.
1 hour
https://fxmedia.s3.amazonaws.com/art...11-2016gu1.png
The GBP/USD is most likely building an ABC (orange) zigzag correction within wave 2 (blue). Price could complete the wave 2 at the Fibonacci retracement levels although a break above the 100% level invalidates the current wave count.