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GBP/USD Bearish ABC Zigzag Within Wave-E Triangle

Currency pair GBP/USD

The GBP/USD turned at the 50% Fibonacci level of wave E (green) but a larger bullish correction via a WXY (blue) seems likely at this point. The Fibonacci levels of wave X (blue) could therefore be bouncing spots.

The GBP/USD seems to have completed a 5th wave (purple) and is now building a bearish correction via an ABC (orange) zigzag.

Currency pair EUR/USD

The EUR/USD is building a contracting triangle (green/orange lines) at the 78.6% Fibonacci resistance level of wave 2 (purple). A potential break above the 100% level invalidates the current wave 1-2 (purple) structure but a breakout below support (green/blue) could see a new downtrend emerge.

The EUR/USD could be building a second pullback with waves 1-2 (blue/green). A break above the 100% level invalidates the bearish reversal and could see price retest 1.08 and the resistance top (orange).

Currency pair USD/JPY

The USD/JPY is building a pullback and could bounce at the 78.6% Fibonacci retracement level of wave 2 (brown). A break below the 100% Fibonacci level invalidates wave 2 (blue/brown).

The USD/JPY might be starting its bullish turn via a wave 1-2 (orange) if price stays above the 100% level and manages to break above resistance (orange/red).

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