GBP/USD Rallies and Advances to Pivotal Resistance Trend Line 2015.06.09

EUR/USD

4 hour

The EUR/USD made a bullish bounce yesterday off of the 61.8% Fibonacci level and is approaching a resistance level (red), which is a bounce and/or break spot. The main target for a bullish break is the 38.2% and 100% Fibonacci confluence.

1 hour

The current 123 wave count has been labeled as an impulse because of the higher wave C (magenta) and the potential bullish breakout.

GBP/USD

4 hour

The GBP/USD failed to break the support trend line (green) yesterday and has now approached a resistance trend line (red) which is a bounce or break spot.

1 hour

The current 123 wave count has been labeled as an impulse because of the higher wave C (blue) and the potential bullish breakout.

USD/JPY

4 hour

The USD/JPY has only broken out of the uptrend channel by a narrow margin and remains above the horizontal support of wave 4 (magenta). A bounce at that support could change the wave count to a wave 3 (magenta) being completed at the most recent top (instead of wave 5).

1 hour

Price is currently in a contracting triangle with support (green) and resistance (red) nearby.