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GBP/USD Reaches Key Decision Zone for Uptrend or Downtrend

February 22, 2018 06:00

GBP/USD

4 hour

The GBP/USD broke below the previous top (dotted green) which indicates that the bullish wave pattern is invalidated. Price could either be building a larger WXY (blue) correction within wave 4 (green) or starting a new downtrend.

1 hour

The GBP/USD is challenging the support trend line and Fibonacci levels of wave W vs Y (blue).

EUR/USD

4 hour

The EUR/USD is testing the support zone of the previous wave W (blue) bottom. A bullish bounce confirms a WXY pattern within wave 4 (purple).

1 hour

The EUR/USD seems to be in wave 5 (orange) of larger wave C (green).

USD/JPY

4 hour

The USD/JPY is testing a strong resistance zone which includes a trend line and the previous bottoms.

1 hour

The USD/JPY broke below support (dotted blue) but price action has been quite choppy so far.

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