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.
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