GBPUSD Reaches Key Decision Zone at Fibonacci Support

Chris Svorcik Elite CurrenSea

GBP/USD

4 hour

The GBP/USD is building a bearish correction which is probably part of a larger a wave 4 (brown). The 38.2% and 50% Fib levels are expected to act as support, but this wave pattern is invalidated if price breaks below the 61.8% Fibonacci level of wave 4 vs 3.

1 hour

The GBP/USD is having troubles breaking below the support with the downtrend channel. A break above the resistance (orange) could indicate a potential bullish bounce and breakout.

EUR/USD

4 hour

The EUR/USD is building a bearish trend channel but price action remains choppy and corrective. This is making a wave 1-2 (pink) pattern more likely and the next potential support zone could be at the 50% Fibonacci level. A break below the bottom (purple box) invalidates this wave pattern.

1 hour

The EUR/USD again broke below the support trend line (dotted green) and fell below 1.18. Price seems to be slowly moving towards the Fibonacci levels of wave 2.

USD/JPY

4 hour

The USD/JPY has bounced at the bottom/support (green) of the uptrend channel and is showing a break above the resistance trend line (dotted orange). This could be ware of a wave 3 (blue).

1 hour

The USD/JPY bullish breakout could still face some resistance from the previous highs.

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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