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GBP/USD Bullish Third Wave Breaks above Key Resistance

March 20, 2018 09:02

GBP/USD

4 hour

The GBP/USD made a critical bullish breakout above the key resistance (red) trend line, which could spark the continuation of wave 5 (blue) within wave C (purple). Price is now building a series of higher highs and lows, which is confirming the uptrend.

1 hour

The GBP/USD breakout is probably a wave 3 momentum (orange) and the bull flag chart pattern is therefore probably a wave 4 correction. A break above the resistance (red) trend line could spark a continuation within wave 5 (orange).

EUR/USD

4 hour


The EUR/USD bounced at the 61.8% Fibonacci support level of wave 2 vs 1 (purple), which could be a continuation within the bullish waves 5 (pink/purple).

1 hour

The EUR/USD completed the bearish wave C (green) within a larger WXY (blue) correction and has broken above the local resistance trend line (dotted orange). The next key breakout is the resistance trend line (red).

USD/JPY

4 hour


The USD/JPY bounced at the support (blue) zone of the bigger triangle chart pattern. Price could now be ready to retest the resistance trend line (red).

1 hour

The USD/JPY bounced at the 88.6% Fibonacci support level of wave 2 (blue). Price needs to break above the next resistance trend line (orange) for a bullish breakout within wave 3 (green).

Good trading,

Chris Svorcik

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