GBP/USD Bullish Reversal Remains Fragile within ABC Correction

Jūnijs 14, 2017 06:30

GBP/USD

4 hour

The GBP/USD showed a bullish bounce at the key support trend line (blue), which indeed caused an expansion of wave 2 (blue) via an ABC zigzag (orange). A bearish breakout could confirm wave 3 (red). The GBP/USD wave 2 is invalidated if price breaks above the 100% Fibonacci level.

1 hour

The ABC (orange) correction could continue above the resistance (red) if price manages to use the Fibonacci levels of wave 4 (grey) without breaking below the 61.8% Fibonacci level. The breakout would probably complete 5 waves (grey) within wave C (orange).

EUR/USD

4 hour

The EUR/USD is either building a reversal or a sideways zone. A break above the 100% Fib resistance level at 1.13 (red line) invalidates the potential reversal whereas a break below support (blue) would increase the chance of a wave 3 (blue) unfolding.

1 hour

The EUR/USD invalidates wave 2 (orange) if price manages to break above the 100% Fib level.

USD/JPY

4 hour

The USD/JPY is testing both support Fibonacci levels of wave 2 (orange) and a resistance trend line (red). A break above resistance could see price challenge the Fibs of wave 3 (orange).

1 hour

The USD/JPY would invalidate the wave 2 (orange) if price breaks below the 100% Fibonacci level.

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