GBP/USD Building Wave 4 Retracement in Down Trend 2015.11.25

EUR/USD

4 hour

The EUR/USD is making a bullish retracement within the down trend channel (orange/blue). The current yearly low of 2015 (green) and the double divergence (purple) could be reason for a bullish rally. A break below the channel and the yearly low increases the chance that a wave 3 (green) is developing rather than a wave C (green).

1 hour

The EUR/USD broke the resistance trend line (orange dotted) but the bullish price action has been choppy. Price is now building a small bullish channel (green lines). The Fibonacci levels could act as a resistance.

GBP/USD

4 hour

The GBP/USD is in a downtrend but a support trend line (green) is nearby, which will act as important bounce or break spot. A break could accelerate the wave 3s (pink/blue), whereas a bounce makes a wave C (purple) more likely.

1 hour

The GBP/USD continued with the bearish breakout yesterday and most likely completed wave 5 (grey) of wave 3 (blue).

USD/JPY

4 hour

The USD/JPY stopped its bullish momentum at the confluence of Fibonacci resistance levels. A break below the next support trend line (solid green) could cause a bigger correction to take place.

1 hour

The USD/JPY broke the support (dotted green) trend line and is moving lower as part of a bearish ABC zigzag (blue).