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GBP/USD Dips to 50% Fibonacci and Bounces Impulsively

December 08, 2017 05:30

GBP/USD

4 hour

The GBP/USD bounced at the Fibonacci levels of wave 4 vs 3 (brown) as expected in this week's wave analysis. Price is now challenging the resistance trend line (red) and a bullish breakout could see price move towards the Fib levels of wave 5 (orange/brown).

1 hour

The GBP/USD bearish correction finished at the Fibonacci levels of wave 4 and wave C. The bullish bounce is showing strong bullish momentum, which could indicate that a breakout is likely either now or after a corrective pattern at resistance (red).

EUR/USD

4 hour

The EUR/USD is still in the bearish trend channel. Price action remains choppy and corrective, which is making a wave 1-2 (pink) pattern more likely. The next potential support zone could be at the 50% Fibonacci level but a break below the 100% Fib invalidates this wave pattern.

1 hour

The EUR/USD has finally reached the 50% Fibonacci level. The Fib levels of wave 2 vs 1 could act as support levels for a potential bullish bounce.

USD/JPY

4 hour

The USD/JPY broke above the resistance trend line (dotted orange) and is building bullish momentum towards the wave 3 (purple) Fibonacci targets.

1 hour

The USD/JPY bullish breakout could still face some resistance from the previous highs.

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