Currency pair GBP/USD
The GBP/USD broke above the resistance trend line (dotted red) which invalidated yesterday’s bearish wave count and could make a bullish variant more likely although both support and resistance levels remain nearby. The UK will hold general parliamentary elections on Thursday 8 June 2017.
The GBP/USD broke out above the smaller resistance line (dotted yellow) and is now challenging the resistance top (red).
Currency pair EUR/USD
The EUR/USD is moving higher in a bullish trend channel indicated by the support (blue) and resistance (red) trend lines. The new higher high is challenging the 100% Fib level at 1.13 of wave 2 (green), which is a break or bounce zone.
The EUR/USD is trying to break above the resistance trend line (dotted orange) but it has a major resistance zone (red) at 1.13 just above it. It remains to be seen whether price will break or bounce at 1.13.
Currency pair USD/JPY
The USD/JPY broke below the support trend line (dotted green) and is challenging the Fibonacci levels of wave B (brown).
The USD/JPY indeed completed a wave 4 (grey) as indicated earlier this week and is building one more lower low via a wave 5.
