GBP/USD Bullish Pullback to 1.2325 within Bearish Momentum

GBP/USD

4 hour

The GBP/USD continues with its bearish breakout which could be part of a wave 3 (blue). Price is at the 100% Fibonacci of wave 3 vs 1 (blue) but it would need to reach the 161.8% Fib target before a wave 3 (blue) becomes more likely.

1 hour

The GBP/USD is showing bearish price action but a minor pullback could occur. If price does bounce then a bullish retracement could reverse at one of the resistance levels (orange). A break, however, above 1.2350 could indicate bearish weakness. A bearish bounce at 1.2275-1.23-1.2325-1.2350 zone could indicate a wave 4-5 (pink) within wave 3 (orange).

EUR/USD

4 hour

The EUR/USD needs to break below the previous bottom (green line) to return back in a downtrend (waves 3) and complete the wave 2 (purple). If price breaks above resistance (orange) then price could extend that wave 2.

1 hour

The EUR/USD indeed failed to break below the support (green) and completed a bearish ABC (orange). Price could build another bullish ABC zigzag (blue) if price manages to break above the closest resistance (orange). A break below the support line (green) restarts the downtrend.

USD/JPY

4 hour

The USD/JPY still remains in wave 1-2 (blue) unless price breaks below above support (blue) which is the invalidation level. A break above the resistance level (red line) could continue with a wave 3 (blue).

1 hour

The USD/JPY could bounce at resistance first before breaking above it, which could lead to another wave 1-2 (brown) structure within wave wave 3 (blue).

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