GBP/USD Zigzag Challenges 1.25 Resistance Level

GBP/USD

4 hour

The GBP/USD is building a contracting triangle chart pattern (red/blue lines). A break above resistance (red) could see price complete wave E (green). A break below support (blue) could see price challenge the 61.8% Fibonacci level of wave X vs W (blue).

1 hour

The GBP/USD is probably still in a larger ABC zigzag (pink) within wave X (blue) as long as price does not break the resistance (red) trend line. Price is also at an even 1.25 resistance level. A break below support (blue) could spark the wave C (pink) part of the expected bearish zigzag.

EUR/USD

4 hour

The EUR/USD continues to move sideways between support (light blue) and resistance (red). A break above resistance could see price retrace back to the Fibonacci levels of wave 2 vs 1 (light green) or wave B green) whereas a break below support still has other support levels nearby (blue trend lines).

1 hour

The EUR/USD also continues to show a double divergence between the bottoms of price and the oscillator (green lines), which could spark a retracement. The wave count could still be in a wave ABC (orange) because it did not break below the 138.2% Fibonacci level of wave B vs A (orange).

USD/JPY

4 hour

The USD/JPY could have completed the WXY (orange) correction of wave B (brown). A break below support (green) could see price complete wave C (brown) at the 50% Fibonacci level of wave 4 vs 3 (purple).

1 hour

The USD/JPY is at a major trend line (green) again. A bearish breakout could indicate a wave C (brown) continuation whereas a bullish bounce above 111 and 111.50 could expand wave B (brown) to higher Fibonacci levels.

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