GBP/USD Approaching 50% Fibonacci Support in Bullish Trend

2 min read

EUR/USD

4 hour

05-05-2015eu4
The resistance at the 23.6% Fibonacci level of wave 4 (green) was not broken yesterday and price is retracing lower from that area, which is probably part of the wave X (magenta).

1 hour

05-05-2015eu1
The support trend line (green) is the neck line of a head and shoulders reversal pattern, which would start a bearish correction of wave Y (green).

GBP/USD

4 hour

05-05-2015gu4
The GBP/USD is probably retracing downwards as part of a wave X (grey).

1 hour

05-05-2015gu1
An ABC zigzag (green) could still be taking place as part of the wave Y (blue).

USD/JPY

4 hour

05-05-2015uj4
The invalidation level for the USD/JPY contracting triangle is the resistance point at wave B (magenta) indicated by the purple resistance line.

1 hour

05-05-2015uj1
The USD/JPY is moving sideways in a tight consolidation zone which are marked by support (green) and resistance (orange) trend lines.

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