GBP/USD Bullish Bounce has Looming Breakout Potential

EUR/USD

4 hour

The EUR/USD price movement is stuck in a very tight range, which is indicated by the various trend lines.

1 hour

Yesterday was a slow day with choppy price action on the hourly chart, which could be explained by a WXY (green) pattern.

GBP/USD

4 hour

The GBP/USD made a bullish bounce yesterday as the oscillator turns green for 3 bars in a row. This could be part of a wave 4 (magenta), although it is important to see whether price has enough momentum to break above the resistance (red) for the wave 5 (magenta).

1 hour

Price could be starting impulsive waves (1-2) to the upside, which would be confirmed once price breaks above resistance (orange and red). The invalidation level is the bottom (green) of wave 4 (magenta).

USD/JPY

4 hour

The USD/JPY has bounced at resistance (red) and is retracing for waves Y.

1 hour

The USD/JPY is showing sideways price action for the last 2 weeks with a tight range between 122.50 and 124.50.

Twitter: @elitecurrensea

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