GBP/USD Builds Bearish Wave C in Bullish Wave 4

GBP/USD

4 hour

The GBP/USD seems to be expanding the wave 4 (green) retracement and is retesting the Fibonacci levels. Wave 5 (green) could retest the previous top (red), which is an area where price can temporarily pause or reverse.

1 hour

The GBP/USD could be completing a wave C (grey) of a wave 4 (green) retracement. The Fib levels of wave 4 vs 3 could act as support and bouncing levels.

EUR/USD

4 hour

The EUR/USD bullish breakout above the resistance trend line (dotted orange) made a bearish pullback. Price is now retesting the support trend line (blue), which could be a bouncing spot. A bearish break below support could indicate a larger wave 4 (pink).

1 hour

The EUR/USD could be building a wave 4 (green) pattern as long as price stays above the Fib levels of wave 4 vs 3 (green).

USD/JPY

4 hour

The USD/JPY downtrend is stopping at the resistance trend lines (red), which is a key decision zone for a bigger reversal or downtrend continuation.

1 hour

The USD/JPY could be building a wave 2 correction but price needs to break below support (blue) before wave 3 could start.

Good trading,

Chris Svorcik

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