GBP/USD Wave-4 Retracement In 38.2-50% Fibonacci Zone

GBP/USD

4 hour

The GBP/USD is building a larger bullish retracement within a downtrend. The Fibonacci levels of wave 4 (blue) are potential resistance zones for a bearish turn.

1 hour

The GBP/USD could expand the correction within wave 4 (blue) via a WXY (orange) unless price breaks below the support (blue/green) which could trigger a continuation of the downtrend. The 38.2%-50% Fibonacci area is the most likely bouncing spot for a wave 4.

EUR/USD

4 hour

The EUR/USD has bounced at the 61.8% Fibonacci retracement level of wave 2 (purple) but could retrace to a deeper Fib level such as the 78.6% before building a bearish turn. A break above the 100% level invalidates the wave 1-2 structure.

1 hour

The EUR/USD bullish momentum could be part of a wave 3 (pink). In that case price is now at the 50% Fibonacci retracement level of wave 4 (pink). A break below the support (green) and Fibs would invalidate that wave 4 and could lead to a larger bearish move.

USD/JPY

4 hour

The USD/JPY seems to have completed a wave 4 (purple) at a shallow Fibonacci level from the daily-weekly charts, which makes a larger uptrend more likely. The uptrend stays intact if price manages to stay above the bottom of wave 2 (blue).

1 hour