GBP/USD Bounces at Fibonacci and Prolongs Uptrend Channel

2 min read

EUR/USD

4 hour

16-06-2015eu4
The EUR/USD bounced off of the support trend line (green) yesterday and sees space between the wedge lines that is narrowing.

1 hour

16-06-2015eu1
The impulsive wave count is invalidated if price breaks below support (green liness).

GBP/USD

4 hour

16-06-2015gu4
The GBP/USD uptrend continues to push higher.

1 hour

16-06-2015gu1
The GBP/USD indeed bounced at the previous support level and wave 4 (magenta) for a new rally. This is probably part of a wave 5 (green) of wave C (blue).

USD/JPY

4 hour

16-06-2015uj4
The USD/JPY has a broken support level ahead of it which now acts as resistance (dotted blue).

1 hour

16-06-2015uj1
The USD/JPY has broken through the two resistance lines (dotted red) by going sideways (passive break). Price action remains corrective in its movement. For the moment the wave count has been changed to reflect the potential of a wave Y (purple). The invalidation level is the trend line support (green).

Twitter: @elitecurrensea

Please note that the update is posted with permission from Admiral Markets

Thank you