Lower low on GBP/USD challenges 1.30 round level 2016.06.28

EUR/USD

4 hour

The EUR/USD did not manage to break the support trend line (green) and could now retrace to higher Fibonacci resistance. The most likely wave count would suggest a wave 1-2 (green) within a wave 5 (purple) breakout. The wave 1-2 becomes invalidated if price were to break above the 100% Fibonacci level.

1 hour

The EUR/USD broke a steep resistance trend line (dotted red), which could mark the start of a wave C (brown) within wave 2 (green).

GBP/USD

4 hour

The GBP/USD built a new lower low close to the psychological round 1.30 level. A break below the round level support could see further bearish pressure to the next Fibonacci 127.2% target at 1.25.

1 hour

The GBP/USD seems to be extending its correction of wave 4 (blue) via an ABC (pink). A break below the 138.2% invalidates wave B (pink) and makes a downtrend continuation likely. The wave 4 (blue) wave count is invalidated if price were to break above the 61.8% Fibonacci retracement.

USD/JPY

4 hour

The USD/JPY is at the bottom of a downtrend channel which could as a support level. Price will need to break above the 100% Fib level before waves Y (blue/brown) can be considered completed.

1 hour

The USD/JPY is building a consolidation zone marked by support (green) and resistance (red). A bullish ABC zigzag (pink) is most likely developing within wave B (green).

Follow @ChrisSvorcik on twitter for latest market updates