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GBP/USD Builds Wave 4 Correction in Downtrend Channel

October 10, 2017 05:30

GBP/USD

4 hour

The GBP/USD is building a bullish retracement in the downtrend channel (red line) which could be part of a larger wave C or 3 (green).

1 hour

The GBP/USD is probably building a deeper bullish retracement via a wave 4 (orange). This wave 4 (orange) becomes less likely if price breaks above the downtrend channel and 50% Fib. A bearish break below the bullish channel (blue) could indicate the continuation of the downtrend.

EUR/USD

4 hour

The EUR/USD broke above the falling wedge chart pattern (dotted orange), which indicates a bullish bounce at the 23.6% Fibonacci level of wave 4 (purple). The wave 4 does not have to be completed. This depends on whether price makes a bullish ABC or 12345 pattern when challenging the next resistance trend lines.

1 hour

The EUR/USD wave structure has multiple options at this moment but a wave 3 (pink) is more likely if price manages to break above the resistance trend line (red).

USD/JPY

4 hour

The USD/JPY is in a sideways range, which is indicated by the support (blue) and resistance (red) trend lines. A bearish breakout could indicate a retracement towards the Fibonacci levels of wave 2 or B (purple).

1 hour

The USD/JPY could be building a potential ABC (pink) correction.

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