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  4. GBPUSD Breaks Below Massive Monthly Bottom 2015.03.16

GBPUSD Breaks Below Massive Monthly Bottom 2015.03.16

March 16, 2015 05:01

4 hour EURUSD: the Fibonacci levels suggest potential bearish targets for the downtrend continuation.

60 min EURUSD: with a new push below the 1.05 bottom the EURUSD could be in a wave 5 (green).

GBPUSD

4 hour GBPUSD: the Cable broke below the big monthly support level at +/-1.48.

60 min GBPUSD: the most likely wave count suggests that price is in a wave 4 (blue). Usually price retraces back to the 38.2% Fibonacci retracement. The invalidation level is the bottom of wave 1 (blue).

USDJPY

4 hour USDJPY: a contracting wedge is being built on the 4 hour chart which is represented by a support trend line (green) and a resistance trend line (red).

60 min USDJPY: A break above the next resistance level (orange) could offer the potential for price to move up towards the Fibonacci targets but a break below seems limited due to support levels close by (dark green & dotted red lines).