the GBP/USD broke below the next smaller support trend line (dotted blue) and fell towards the long-term trend line (blue). The bearish momentum is creating a larger reversal (wave 1-2) or ABC retracement (orange).
Price however is now close to the 1.40 round level which could create a bullish bounce as part of a wave 2 or B and retrace towards the Fib levels.
The GBP/USD is showing strong bearish momentum, which confirmed a 5 wave down. The bearish breakout is probably a wave 5 (brown) of wave A (orange). A bullish bounce could start a bullish wave B retracement.
The USD/JPY is testing a key decision zone at the 50% Fib resistance. A bullish break invalidates the bearish wave structure whereas a break below the support trend line (blue) makes a downtrend continuation within wave 5 (blue) more likely. The wave 2 (green) could be aided by a potential head and shoulders pattern, which is indicated by the purple boxes.
The USD/JPY could be building a potential wave 2 pullback (orange). This wave pattern is invalidated once price breaks above the 100% Fib level of wave 2, which is indicated by the orange line. A break below the support trend line (green) could indicate more bearish pressure.