GBP/USD Approaching 50% Fibonacci Support in Bullish Trend 2015.05.05

EUR/USD

4 hour

The resistance at the 23.6% Fibonacci level of wave 4 (green) was not broken yesterday and price is retracing lower from that area, which is probably part of the wave X (magenta).

1 hour

The support trend line (green) is the neck line of a head and shoulders reversal pattern, which would start a bearish correction of wave Y (green).

GBP/USD

4 hour

The GBP/USD is probably retracing downwards as part of a wave X (grey).

1 hour

An ABC zigzag (green) could still be taking place as part of the wave Y (blue).

USD/JPY

4 hour

The invalidation level for the USD/JPY contracting triangle is the resistance point at wave B (magenta) indicated by the purple resistance line.

1 hour

The USD/JPY is moving sideways in a tight consolidation zone which are marked by support (green) and resistance (orange) trend lines.