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GBP/USD Builds Wave 1-2 in Bull Flag Pattern

December 22, 2017 08:00

GBP/USD

4 hour

The GBP/USD is building a large bull flag chart pattern. A bullish breakout above the resistance trend line (red) could confirm the pattern and a wave 5 of wave C. A break below the 61.8% Fib of wave 4 vs 3 makes a wave 4 less likely.

1 hour

The GBP/USD seems to be building a potential ABC (blue) within a wave 1-2 (green).

EUR/USD

4 hour

The EUR/USD bounced and reversed at the Fibonacci levels of wave X v W but a break above the 138.2% Fibonacci level still invalidates wave X. The bullish breakout could indicate a continuation of the uptrend whereas a bearish reversal could send the EUR/USD lower to test the Fib levels of wave 2 vs 1 (pink).

1 hour

The EUR/USD broke below the support trend lines (dotted blue) and could be building a larger bearish correction if it stays below the Fibonacci levels of wave X (green).

USD/JPY

4 hour

The USD/JPY is facing important and critical support (blue) and resistance (red) trend lines.

1 hour

The USD/JPY needs to break below support before a bearish reversal becomes more likely whereas a break above resistance could indicate and uptrend continuation.

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