GBP/USD Triangle Pattern Prepares for Critical Breakout

Chris Svorcik Elite CurrenSea

Meta title: GBP/USD remains stuck in between support and resistance

Meta description: A bullish breakout above resistance (red) could spark the continuation of wave 5 (blue) within wave C (purple) whereas a bearish break could indicate a change in wave patterns and a bearish continuation.

GBP/USD

4 hour

The GBP/USD remains stuck in between support (blue) and resistance (red) and a breakout is needed to indicate the new direction. A bullish breakout above resistance (red) could spark the continuation of wave 5 (blue) within wave C (purple) whereas a bearish break could indicate a change in wave patterns and a bearish continuation.

1 hour

The GBP/USD bounced at the 50% Fibonacci support level of potential wave 4 (grey). The trend lines are key factors for the next breakout.

EUR/USD

4 hour

The EUR/USD is testing the 61.8% Fibonacci support level of wave 2 vs 1 (purple). A break below the Fib could see price retest the support zone (green). A break below the 100% Fib invalidates the wave 2 whereas a bullish bounce could see price continue with the bullish waves 5 (pink/purple).

1 hour

The EUR/USD is building a bearish wave C (green) within a larger WXY (blue) correction.

USD/JPY

4 hour

The USD/JPY trying to break below the support (blue) zone of the bigger triangle chart pattern. A bearish breakout could see the continuation of the downtrend.

1 hour

The USD/JPY is testing the 88.6% Fibonacci support level of wave 2 (blue). A break below the 100% Fib invalidates this wave 2 (blue).

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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