GBP/USD Retracement within Bull Flag Chart Pattern
GBP/USD
4 hour
The GBP/USD is building a triangle chart pattern (orange/blue) within the uptrend. A bullish break could see price challenge the 1.30 round level and Fibonacci targets whereas a bearish break could start a larger correction or reversal.
1 hour
The GBP/USD broke the support of the mini-channel (dotted green lines) and made a larger correction back to the previous bottom (blue) which could be a new bounce or break spot. The channel trend lines (orange/blue) are indicating a bull flag chart pattern (blue lines).
EUR/USD
4 hour
The EUR/USD consolidation pattern remains intact. A break below the support (blue) or above the resistance (red) trend lines is needed before the pattern is broken. A bullish break could indicate a potential uptrend continuation towards the 78.6% Fibonacci level of wave 2 (green) whereas a bearish break could start a reversal and indicate the completion of the ABC zigzag (purple).
1 hour
The EUR/USD failed to break above the resistance level (red) yesterday and instead built a wave B (orange) correction within a potential wave 4 (pink). The next targets could the psychological even level at 1.10 and the 61.8% Fib target at 1.1050 if price manages to break resistance (red). The wave 4 (pink) remains valid as long as price stays above the 50% Fibonacci level.
USD/JPY
4 hour
The USD/JPY remains in an uptrend channel (blue/red) and is moving up towards the Fibonacci targets of wave 5 (brown). The channel could break bearishly once the 5th wave (brown) is completed.
1 hour
The USD/JPY is probably still in a 5th wave (orange) of a 5th wave (brown) as long as price stays above the support zone (green/blue).
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