GBP/USD Retracement within Classical Uptrend Channel

EUR/USD

4 hour

The EUR/USD continued with more downside momentum yesterday but price is running into major a weekly support level (green).

1 hour

The EUR/USD seems to be building a 2^nd ABC zigzag (green) within wave X (lavender).

GBP/USD

4 hour

The GBP/USD has managed to stay above the broken resistance trend line (dotted red) and is now building a bullish trend channel (blue).

1 hour

The GBP/USD could retrace deeper within the 2^nd wave (orange) but a break below the 100% level would invalidate the wave count.

USD/JPY

4 hour

The USD/JPY built a strong bullish momentum which could be the wave A (lavender) of a bigger ABC within wave X (green).

1 hour

The USD/JPY seems to be building a rising wedge chart pattern (blue and red lines) to complete a wave 5 (blue) of wave A (lavender).

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

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