GBP/USD Continues with 1-2 Wave in Bearish Channel

GBP/USD

4 hour

The GBP/USD turned around at resistance and continued with the downtrend. Price remains in a downtrend as long as price stays below the trend lines (red).

1 hour

The GBP/USD turned at the Fibonacci levels of wave 4 (orange). Price could now be building an extension within wave 5 (orange) unless price breaks above the 100% level of wave 2 vs 1 (grey).

EUR/USD

4 hour

The EUR/USD was unable to break above the resistance trend lines (red) and remains in a downtrend. A break above the Fibonacci levels of wave 4 vs 3 would invalidate the current wave count.

1 hour

The EUR/USD broke a support trend line (dotted blue) yesterday but price was unable to break below the previous bottom (blue). This price action could be part of a larger correction via a WXY (blue) of wave 4 (purple) if price stops at the resistance zone.

USD/JPY

4 hour

The USD/JPY has broken the support trend line (dotted green) but price still remains in an uptrend as long as price stays above the long-term moving average.

1 hour

The USD/JPY is most likely in a consolidation phase within an ABCDE (green) triangle pattern unless price breaks below the bottom (green).

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