GBP/USD Bull Flag Continuation Chart Pattern Targets 1.3750

Rujan 18, 2017 05:00

GBP/USD

4 hour

The GBP/USD bullish momentum is strong and probably part of a wave 3 (blue). The resistance line (orange) is a potential resistance from the daily chart.

1 hour

The GBP/USD is building a bull flag chart pattern (red/blue), which is a continuation pattern within the uptrend. The Fibonacci levels of wave 4 vs 3 (grey) are most likely support whereas a break above the bull flag could see price challenge the Fibonacci targets of wave 5 (grey/purple).

EUR/USD

4 hour

The EUR/USD seems to have completed an ABC correction (red) within the wave 4 (blue). A bullish breakout could indicate the continuation of the uptrend via wave 5 (blue).

1 hour

The wave 4 (blue) might become extended via a WXY formation (red) if price develops a 3 wave pattern (purple).

USD/JPY

4 hour

The USD/JPY is challenging the strong horizontal resistance level (red), which could indicate the end of a wave 1 (light green) or alternatively wave A (green).

1 hour

The USD/JPY break below the support trend lines (green/blue) could indicate a bearish ABC correction. Otherwise price could still continue slightly higher within the wave 5 (blue).

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