Admiral Markets - Analytics

    Admiral Markets

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    GBP/USD weakness continues by breaking weekly bottom

    EUR/USD

    4 hour

    The EUR/USD is approaching potential support levels like the Fibonacci retracements and trend line. This zone could turn out to be a zone where price will show a bullish bounce (if it breaks above resistance) or a bearish break (if it breaks below support).

    1 hour

    The EUR/USD respected the Fibonacci levels of wave 4 (orange) and has turned bearish as part of wave 5. A break above the resistance trend line (orange) could indicate the completion of wave X (purple).

    GBP/USD

    4 hour

    The GBP/USD broke the bottom (dotted green) and has continued with its bearish momentum and trend.

    1 hour

    The GBP/USD respected the shallow Fibonacci levels of the wave 4 (blue) and price is moving lower as part of the 5th wave (blue) towards Fibonacci targets to complete most likely wave 3 (pink).

    USD/JPY

    4 hour

    The USD/JPY break below the support trend lines (dotted greens) but price action has been slow. Whether price has sufficient momentum to break the bottom (solid green) remains to be seen. A break below could price fall towards the Fibonacci levels.

    1 hour

    The USD/JPY completed a corrective wave which is now marked as a wave 2 (orange). Price could now be in a potential wave 3, but it would require strong bearish momentum.


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