GBP/USD Prepares Uptrend, EUR/USD Builds Triangle Pattern

Chris Svorcik Elite CurrenSea

Meta description:The GBP/USD remains in a strong bullish trend and it could be ready to continue with that trend to retest the key resistance zone as part of the 5th wave (green) whereas the EUR/USD is in a complex and lengthy correction.

EUR/USD

4hour

The EUR/USDis in a complex and lengthy correction. The entire chart could be part of wave 4 correction (pink) or price is already building a wave 1-2 (purple) as shown in this chart. Within wave 2, price could have completed an ABC (green) correction or still be building an expanded ABC (brown). Price will need to break above the resistance trend line (red) before more upside could be expected whereas a break below the support trend lines could indicate a bearish reversal.

1 hour

The EUR/USD is building a small chart pattern and the breakout direction could indicate a short-term movement. However, keep in mind that a bullish break is running into the potential resistance of the Fibonacci levels of wave B (orange). A break above the 100% Fib level of wave B (orange) could indicate an uptrend continuation rather than an ABC correction. The current wave count remains complicated as it could be part of a larger wave 2 (green), wave B (red) or even wave C of wave 2 (brown4 hour chart).

GBP/USD

4 hour

The GBP/USDremains in a strong bullish trend and it could be ready to continue with that trend to retest the key resistance zone as part of the 5th wave (green).

1 hour

TheGBP/USD is expanding the bullish wave 5 (grey) continuation within the uptrend. Price will need to break below the support levels (green) before a larger bearish reversal becomes more likely.

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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