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GBP/USD Rising Wedge Pattern Sets Up Wave 4 Pullback

June 30, 2017 04:30

GBP/USD

4 hour

The GBP/USD could build a potential break, pullback, and continuation pattern after breaking the resistance trend line (dotted red), which could be explained by the potential wave 3, 4 and 5 (orange).

1 hour

The GBP/USD seems to be in the final waves 5 of wave 3 (orange). Price action seems to be building a rising wedge chart pattern (red/blue lines), which could start a reversal if price breaks below support. A potential wave 4 (orange) could see support and a new bullish bounce at the Fibonacci levels of wave 4 vs 3.

EUR/USD

4 hour

The EUR/USD bullish continuation is part of a wave 3 (green). Price action is moving towards the Fibonacci targets of wave 5 vs 1+3 in a bullish channel.

1 hour

The EUR/USD is in a wave 5 channel indicated by the trend lines (blue/red). Once wave 5 (orange) is completed, price will probably retrace back to the Fibonacci levels of wave 4 (brown).

USD/JPY

4 hour

The USD/JPY seems to have completed wave 5 (purple), which is most likely part of a wave 1. The retracement for wave 2 (orange) could use the Fibonacci levels for a bounce but a break below the 100% Fib level at 1.0881 invalidates the wave 2.

1 hour

The USD/JPY could be building an ABC (purple) within wave 2 (orange).

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