GBP/USD Bounces at Fibonacci and Prolongs Uptrend Channel

EUR/USD

4 hour

The EUR/USD bounced off of the support trend line (green) yesterday and sees space between the wedge lines that is narrowing.

1 hour

The impulsive wave count is invalidated if price breaks below support (green liness).

GBP/USD

4 hour

The GBP/USD uptrend continues to push higher.

1 hour

The GBP/USD indeed bounced at the previous support level and wave 4 (magenta) for a new rally. This is probably part of a wave 5 (green) of wave C (blue).

USD/JPY

4 hour

The USD/JPY has a broken support level ahead of it which now acts as resistance (dotted blue).

1 hour

The USD/JPY has broken through the two resistance lines (dotted red) by going sideways (passive break). Price action remains corrective in its movement. For the moment the wave count has been changed to reflect the potential of a wave Y (purple). The invalidation level is the trend line support (green).

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Please note that the update is posted with permission from Admiral Markets

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