GBP/USD Bearish Breakout Below Bear Flag Chart Pattern

Forex Trader, Analyst, Educator • Aug 15, 2018 at 4:31 AM EDT

The GBP/USD made a bullish retracement and bearish continuation as expected.

GBP/USD

4 hour

(Click on image to enlarge)

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

The GBP/USD made a bullish retracement and bearish continuation as expected in our wave analysis earlier this week. The GBP/USD broke below the support trend line (dotted blue) for a new low after a bearish bounce occurred at the 23.6% Fibonacci retracement level of wave 4 vs 3.

1 hour

(Click on image to enlarge)

Source: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave

The GBP/USD broke the bear flag chart pattern and is now continuing the downtrend.

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