GBP/USD Bullish Bounce has Looming Breakout Potential
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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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