GBP/USD Continues within Wave 3 of Larger Zigzag

Chris Svorcik Elite CurrenSea

GBP/USD

4 hour

The GBP/USDseems to be building an ABC zigzag (blue) and price is moving towards the Fibonacci levels of wave C vs A. Within wave C (blue) price seems to be building a 5 wave (orange) structure.

1 hour

The GBP/USD broke above the 1.25 resistance and is in a wave 3 (orange) momentum, which could last towards the Fibonacci targets of wave 3 vs 1. A wave 4 retracement would be invalidated if price broke below the top of wave 1 (orange).

EUR/USD

4 hour

The EUR/USD has reached the 78.6% Fibonacci level of wave 2 vs 1 (brown), which could act as a bearish resistance zone. A break above the 100% level would invalidate the current wave structure.

1 hour

The EUR/USD seems to be building a channel (orange/blue), which resembles a rising wedge chart pattern. A break below the support trend line (blue) could indicate a bearish breakout.

USD/JPY

4 hour

The USD/JPY broke below the bottom and hence the wave count has been changed to reflect a deeper WXY (blue) correction within wave 4 (purple). The Fibonacci levels of wave 4 (purple) could act as potential bullish support levels.

1 hour

The USD/JPY is in a bearish trend channel (red/green). A breakout above or below the channel is needed before price could be expected to move impulsively.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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