GBP/USD Bearish Breakout within Bearish Trend Channel

GBP/USD

4 hour

The GBP/USD downtrend continues with a new lower low after completing a wave 4 (blue) retracement.Price could fall towards the Fibonacci targets in the upcoming trading weeks and retest the previous bottom (green line).

1 hour

The GBP/USD remains in a bearish channel (red/green lines) after breaking the support trend line (blue dotted) for a bearish breakout yesterday. Price could bounce back to the top of the channel once the wave 3 (orange) is completed, which could be part of a wave 4 retracement.

EUR/USD

4 hour

The EUR/USD remains in a downtrend if price manages to stay below the resistance trend line (orange) and the broken bottoms (dotted greens). Price is building a correction and it will need to break below support (green/blue) trend lines and the 100% Fibonacci level of wave 3 vs 1 before a bearish continuation becomes more likely.

1 hour

The EUR/USD is building a bear flag chart pattern (red/blue) as part of the expanded wave 4 (purple). A break above the Fib levels of wave 4 vs 3 would invalidate the current wave structure. A bearish breakout below the support (blue) could see price continue with the downtrend.

USD/JPY

4 hour

The USD/JPY uptrend is retracing within a contracting triangle chart pattern. A break above the resistance level (red) could see price continue towards the Fibonacci targets.

1 hour

The USD/JPY seems to be building a wave 1 and 2 (green) within the uptrend. A break above the resistance trend line (red) could see price continue towards the Fibonacci targets. A break below support (green) and the Fibonacci levels would invalidate the wave structure.

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