Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – 19 September 2018 at 4:00 AM GMT
The GBP/USD is unable to break or bounce at the 100% Fibonacci target of wave Y vs W. A bullish breakout could see the price move up higher towards the next cluster of Fibonacci levels, whereas a bearish bounce could break below the support trend line (blue) and a larger bearish correction.
The GBP/USD is moving sideways and is building a corrective zone. The price could be completing an ABC pattern (brown) within wave B (orange) as long as the price stays above the Fibonacci retracement levels of wave B vs A. A bearish break below the 100% Fibonacci level invalidates this wave pattern, whereas a bullish breakout could see a continuation towards 1.3250-1.33.This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.