GBP/USD Completes Bearish Zigzag at 50% Fibonacci Retracement

3 min read

EUR/USD

4 hour

01-06-2015eu4
The EUR/USD broke the resistance trend line (dotted red) but price action has not been impulsive. A break below the 61.8% Fibonacci level could see price fall towards the 78.6% Fib.

1 hour

01-06-2015eu1
The EUR/USD could either be making a bear flag pattern (bearish) or it could be a slow start of a bullish channel which would need to see an impulsive acceleration above the resistance line for wave 3’s.

GBP/USD

4 hour

01-06-2015gu4
The GBP/USD could make a strong bullish bounce at the 50% Fibonacci, unless price breaks the current bottom which would mean that price could fall to the 61.8%.

1 hour

01-06-2015gu1
The GBP/USD remains in a downtrend channel (orange lines) but could have completed the ending diagonal with the recent 5th fall of wave 5 (blue).

USD/JPY

4 hour

01-06-2015uj4
The USD/JPY has bounced and pushed upwards at the light blue trend line but so far has not broken the top. A break above the top could indicate potential space towards Fibonacci targets where a break below trend line support could see price retrace to the Fibonacci retracements.

1 hour

01-06-2015uj1
The USD/JPY is most likely correcting within a wave 4 (magenta).

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chris 033