Currency pair GBP/USD
The UK will hold general parliamentary elections today Thursday 8th of June 2017. The polls and results could impact price action for the rest of this and next week.
The GBP/USD, not surprisingly, remains in a large consolidation zone (purple box) and channel (green/red lines). The breakout direction could depend on the above mentioned election results.
The GBP/USD broke above resistance but seems to be moving into resistance such as trend lines and Fibonacci levels.
Currency pair EUR/USD
The EUR/USD remains trapped between the 100% Fib resistance level at 1.13 and the support zone at 1.12. A breakout is needed before a trend continuation becomes more likely.
The EUR/USD broke the bullish channel (dotted blue) but price bounced at the support levels (green). The ABC correction (orange) could still be part of a wave 4 (blue) but a break below support (green) invalidates it.
Currency pair USD/JPY
The USD/JPY has bounced at the 78.6% Fibonacci level of wave B (brown) but it remains to be seen on lower time frames if this is a reversal upwards or a correction for more bearish price action.
The USD/JPY has reached the 38.2% Fibonacci level. A bullish break above the 50% Fibonacci level indicates that the wave B (brown) has most likely been completed at the low.
