GBP/USD Breaks 1.25 Resistance within Bullish Trend Channel
|GBP/USD
4 hour
The GBP/USD is in an uptrend channel indicated by the support (green) and resistance (red) trend lines. Price seems to be breaking above the 61.8% Fibonacci level which means that price could test the next Fib at 78.6%.
1 hour
The GBP/USD is trying to build a bullish breakout above resistance (dotted red).
EUR/USD
4 hour
The EUR/USD is building a rising wedge chart pattern (red/green) trend lines. A break below the wedge could send the EUR/USD to test the next support (blue). A break above it could see price invalidates wave 2 (purple) at the horizontal line (red) and see a potential breakout within wave 5 (purple).
1 hour
The EUR/USD could have completed an ABC correction (grey) within wave 4 (purple). The support and resistance trend lines are key. A break below the blue line invalidates the 5 wave pattern (purple).
USD/JPY
4 hour
The USD/JPY broke below the bottom (dotted blue) and made a pullback to the broken bottom which has now become resistance (dotted red). The retracement could be part of a wave 4 (purple) unless price breaks above the 61.8% Fib of wave 4 vs 3.
1 hour
The USD/JPY could be building a 4 wave (purple/orange) within a larger wave 5 (orange).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.