GBPUSD: 1-2 Setup Signals Potential Bullish Breakout
For GBPUSD, I assume that after completing a correction on the hourly chart, which paused at the key 61.8% Fibonacci retracement level, we have formed wave 1 of a new upward movement. Currently, we are finalizing wave 2, setting up a classic 1-2 structure, which often precedes a strong impulsive rally.
A confirmed breakout above 1.24286 will validate this setup, signaling further bullish momentum and a potential continuation of the uptrend. This pattern aligns with similar structures forming across other USD pairs, suggesting a broader dollar weakening phase in the market.
Should monitor price action closely and wait for wave 2 completion, looking for impulsive confirmation after the breakout for high-probability long entries.
A confirmed breakout above 1.24286 will validate this setup, signaling further bullish momentum and a potential continuation of the uptrend. This pattern aligns with similar structures forming across other USD pairs, suggesting a broader dollar weakening phase in the market.
Should monitor price action closely and wait for wave 2 completion, looking for impulsive confirmation after the breakout for high-probability long entries.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.