GBP/USD
4 hour
The GBP/USD bounced again at the support level (blue line) of the contracting triangle chart pattern and broke above resistance (red dotted). Price could now potentially retest the larger resistance trend line (brown) as part of wave C (blue).
1 hour
The GBP/USD broke above resistance (dotted red) and picked up momentum as part of a wave 3 (grey). The wave 4 (grey) should typically not retrace deeper and beyond the 50% Fibonacci. The next higher high is probably part of wave 5 (grey) of wave 3 (purple) after which a new wave 4 (purple) could retrace back to the previous wave (grey) and bounce for one more wave 5 (purple).
EUR/USD
4 hour
The EUR/USD is building a bullish WXY correction within a larger wave 2 (purple). The Fibonacci levels of wave 2 (purple) are potential reversal levels which becomes invalidate if price breaks above the 100% level of wave 2 vs 1 (purple).
1 hour
The EUR/USD already completed a bullish ABC zigzag (blue) but it could expand the bullish correction via a WXY (green) within wave Y (blue). In that case price could bounce at the Fib levels of wave X (green) after completing a bearish ABC (blue) or immediately break above resistance (red). A break below the 61.8% and 100% Fib levels of wave X (green) could see the restart of bearish momentum.
USD/JPY
4 hour
The USD/JPY is most likely in a wave 1-2 (blue) unless price breaks below the 100% level of wave 2 vs 1. A larger ABC (brown) seems to be taking place within wave 2 (blue). A wave 2 (blue) correction typically last between 100% and 161.8% of wave 1 (see bottom scale).
1 hour
A bearish break of the bear flag pattern (blue/orange) could indicate that the USD/JPY has completed an ABC (brown) zigzag at the 78.6% Fibonacci level of wave 2 (blue). A break below the 100% and blue line invalidates wave 2 (blue). A bullish break above resistance (orange) could indicate that a larger ABC (brown) is taking place via an ABC (orange).
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