GBP/USD Arrives at Bottom of Downtrend Channel 2015.12.31

EUR/USD

4 hour

The EUR/USD is most likely in a wave B of a larger ABC (purple) zigzag. The wave count is invalidated if price breaks below the horizontal support (lighter green).

1 hour

The EUR/USD is respecting the 50% Fibonacci retracement level of wave B (purple). A break out above or below sees new support and resistance levels emerge.

GBP/USD

4 hour

The GBP/USD is at the bottom of the downtrend channel, which could be used to enlarge the wave 4 (blue) correction. If price manages to break below the support (green), then a wave 3 (pink) continuation could occur.

1 hour

The GBP/USD is most likely in a wave 4 (green), unless price breaks above the 61.8% Fibonacci level. In that case, the wave count will be changed to a WXY within wave 4.

USD/JPY

4 hour

The USD/JPY is moving sideways and has multiple support and resistance layers nearby.

1 hour

The USD/JPY seems to be in an expanded wave 4 (green) unless price breaks above the resistance.