Currency pair GBP/USD
The GBP/USD remains in a downtrend as long as price stays in the bearish channel (red lines). Price is moving towards the Fibonacci targets of wave 5 and wave 3. A bearish continuation could see price move towards 1.20 which is a psychological round level, previous bottom (green) and 161.8% Fibonacci target.
The GBP/USD break below the support trend line (blue) could see price continue with wave 5 (pink) of wave 3 (green). A break above the resistance line (red) would most likely not change the downtrend as long as price stays below horizontal resistance levels (orange).
Currency pair EUR/USD
The EUR/USD is in a consolidation zone which is indicated by support (green) and resistance (red). A break above resistance (red) could see price move higher to test the Fibonacci levels of wave 2 (purple) but a push above the 100% level invalidates the wave structure. A break below support (green) could see the downtrend continue within waves 3 (red/green).
The EUR/USD is in a bearish yet corrective channel (orange/green lines) which has reached the 78.6% Fibonacci level of wave B (blue). The invalidation level of wave B (blue) is a break below the bottom (green). A break above the resistance of the bearish channel (orange) could see price move up in a wave C (blue).
Currency pair USD/JPY
The USD/JPY has completed the wave 2 (brown) retracement if price manages to break above the top (red). A failure to break could lead to an expanded wave 2 correction (brown).
The USD/JPY is building a potential bullish 5 wave pattern (orange) if price manages to break above the resistance trend lines (red).
