GBP/USD Bearish Momentum Reaches Key Support Line At 1.31

GBP/USD

4 hour

The GBP/USD needs to break below the support (blue) trend line before a larger bearish breakout is triggered. A break above resistance (red) could indicate that a larger wave C (orange) can take place.

1 hour

The GBP/USD could be in a wave 1-2 (brown) if price stays above the 100% Fibonacci level. However, price is building a bear flag pattern which could indicate a bearish continuation.

EUR/USD

4 hour

The EUR/USD is still unable to break below the support zone at 1.17, which could indicate the potential for a bullish bounce up to the resistance trend lines (orange). A break above resistance would confirm a bullish breakout within wave C of wave X (pink).

1 hour

The EUR/USD could be building a larger bullish bounce if it stays above the 78.6% Fibonacci level of wave X vs W. The targets are the Fibonacci levels of wave Y (green).

USD/JPY

4 hour

The USD/JPY is building a pause within the uptrend. A break above resistance (red) could see price challenging the 114.50-115 target zone.

1 hour

The USD/JPY bounced at the 50% Fibonacci level which was part of a wave 4 correction (green). A break above resistance (red) could confirm the wave 5 (green) breakout.