GBP/USD Retraces Back to 50% Support Fibonacci 2015.06.24

EUR/USD

4 hour

The EUR/USD could have completed only 1 part of the wave X (brown) correction which means that price might face resistance at the Fib levels of wave X (magenta).

1 hour

The alternative wave count would be a bearish 5 wave (12345) which replaces the WXY (magenta). From a practical point of view the counts both imply potential resistance if the EUR/USD indeed makes a bullish bounce.

GBP/USD

4 hour

The GBP/USD has shown strong bullish momentum as the Awesome Osc went firmly above the midpoint of the indicator. Also last week's candle was heavily bullish and had a close near the high.

1 hour

The GBP/USD had intra-day bearish momentum during the first 2 days of trading. The 50 and the 61.8% Fibonacci levels are the very last expected bouncing spots for a wave 4 (magenta) otherwise the wave count might need to be changed.

USD/JPY

4 hour

The wave X (purple) wave count will become invalidated if USD/JPY breaks above the 100% Fibonacci level (X vw W).

1 hour

If the USD/JPY does bounce at resistance (red line and Fib) then it could fall back towards support (green).