GBP/USD pulls back to bottom resistance via ABC zigzag 2016.03.03
EUR/USD
4 hour
The EUR/USD has been moving slowly this week with a tight range (purple). Deep Fibonacci support levels could still remain important for a pause or bullish bounce. The wave count is vulnerable to change if price breaks below these levels.
1 hour
The EUR/USD could have completed the 5th wave (pink) of an ABC bearish zigzag (orange). Price is challenging resistance (red) and a break could confirm the bullish ABC (pink).
GBP/USD
4 hour
The GBP/USD is expanding the wave 4 (pink) retracement and has retraced back to the broken bottom (dotted green). Price could find resistance at the Fibonacci levels of wave 4 vs 3.
1 hour
Price has reached a confluence of resistance levels. A break above the 61.8% Fibonacci level could change the overall wave structure.
USD/JPY
4 hour
The USD/JPY is making one more bullish correction towards the resistance levels. A bearish turn at resistance would confirm the development of a wave Y (blue) in wave X (brown).
1 hour
Whether the USD/JPY has indeed completed the correction remains to be seen. A failure to continue with a higher high could be the first signal that the wave X (brown) has been completed.