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GBP/USD Bullish Bounce within Uptrend at 61.8% Fibonacci Level

September 19, 2017 05:30

GBP/USD

4 hour

The GBP/USD made a pullback within the larger bullish momentum and could now be continuing higher as part of the wave 3 (blue). The resistance line (orange) is a potential resistance from the daily chart.

1 hour

The GBP/USD bearish retracement made a correction back to the 61.8% Fibonacci level of wave 4 vs 3, which acted as a support and bouncing spot. A break above resistance (red) could indicate the continuation of the 5th waves (grey/purple).

EUR/USD

4 hour

The EUR/USD could be building an extended WXY (red) correction within wave 4 (blue) unless price is showing strong bullish momentum above the resistance level (red).

1 hour

The EUR/USD is either building an ABC (purple) correction or alternatively it could be a 123 pattern. An ABC should stop at the Fibonacci levels of wave X vs W.

USD/JPY

4 hour

The USD/JPY broke above the horizontal resistance level (dotted orange) and is continuing higher within wave 5 (blue). This bullish momentum is part of a wave 1 (light green) or alternatively wave A (green).

1 hour

The USD/JPY is continuing higher within the wave 5 (blue) unless price

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