GBP/USD Breaks Support and Accelerates Bearish Trend

Posted By FxNewInfo.com Posted On 18 January 2016

EUR/USD

4 hour

The EUR/USD completed a bullish ABC (green) zigzag which pushed through resistance (orange) without breaking it. Price is now making a bearish correction but as long as price stays above the trend line support (green), then an expansion of a wave WXY (blue) seems the most likely.

1 hour

The EUR/USD could be making an ABC bearish zigzag (green) back to support (green).

GBP/USD

4 hour

The GBP/USD broke below the large sideways zone (dotted green) and posted a new lower low within the large downtrend channel (green/red). Price has reached the 78.6% Fibonacci target and has the potential to fall towards the next Fib levels.

1 hour

The bearish impulse seems to be a wave 3 (grey), which means that a wave 4 and 5 (grey) potentially remain to be completed. Any wave extensions could keep the downtrend longer intact as well.

USD/JPY

4 hour

The USD/JPY is near the daily support levels (blue), which could cause price to show a bullish bounce. If price does bounce then this could confirm the development of a wave X (brown).

1 hour

The USD/JPY seems to be bouncing at support (green) after completing a bearish ABC (blue) zigzag.

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