GBP/USD Reaches Resistance within Ascending Wedge Pattern

3 min read

EUR/USD

4 hour

17-08-2015eu4
The EUR/USD seems to be building a bearish correction (wave X purple) within a bigger wedge formation (trend lines green and brown).

1 hour

17-08-2015eu1
The EUR/USD has clear levels that market the invalidation of wave X (purple) via the support (green) and resistance (orange).

GBP/USD

4 hour

17-08-2015gu4
The GBP/USD is in a wider uptrend channel as indicated by the light green and brown trend lines. A bullish breakout could complete the wave Y (magenta) pattern within the wave W (orange).

1 hour

17-08-2015gu1
The GBP/USD is in an uptrend channel but has a strong zone of resistance above it (red).

USD/JPY

4 hour

17-08-2015uj4
The USD/JPY broke below the support trend line (dotted green) close to the major top (brown). This could indicate a potential ABC correction with an invalidation level at the beginning of wave A (purple).

1 hour

17-08-2015uj1
A bearish break below support (green) indicates the likelihood of wave B (purple) being completed whereas a bullish break above resistance (orange) could see the completion of the ABC (blue).

Twitter: @elitecurrensea

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

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