GBP/USD ABC zigzag break above resistance 2016.01.27

EUR/USD

4 hour

An EUR/USD break below the support (green) trend line could see price fall towards the Fibonacci levels of wave X vs. W. A break above the resistance (orange) trend line could price move towards the Fibonacci targets of wave Y vs. W.

1 hour

The EUR/USD bounce at support on the 4 hour chart could cause an ABC bullish zigzag (blue).

GBP/USD

4 hour

The GBP/USD has broken above various resistance levels (dotted reds). Price seems to be correcting the downtrend via a WXY (green) as part of a larger wave 4 (purple).

1 hour

The GBP/USD seems to be in a bearish ABC (blue) zigzag within wave Y (green). The Fibonacci levels of wave B (blue) are potential bouncing spots.

USD/JPY

4 hour

The USD/JPY is labeled as a wave X (green) correction, which could either already have been completed at the most recent high or could be expanded with a larger WXY (blue) correction as shown in the image.

1 hour

The USD/JPY is building a contracting triangle pattern as indicated by the trend lines (red and green).