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.

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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.

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The Wave Analysis it for today the most flexible, powerful and perspective tool which allows to predict tendencies which lead to certain changes on financial charts on all time pieces. One of properties of this tool is its insufficient formalisation, proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective. As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication. The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit 1from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions. In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan - on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.

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