Admiral Markets - Analytics

    Admiral Markets

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    GBPUSD bearish break exception among contracting triangles

    EUR/USD

    4 hour

    The EUR/USD continues to move sideways in a contracting triangle chart pattern. A break below the bottom of wave X (blue) invalidates the current wave count. A break above resistance (orange) could see the start of wave C (green).

    1 hour

    The EUR/USD has stopped at the 38.2% Fibonacci and could the same with other retracement levels. A break below support (green) could see price fall towards a lower Fibonacci retracement level and also make a potential bullish bounce.

    GBP/USD

    4 hour

    The GBP/USD has broken through the bottom of the uptrend channel (dotted green), which turned out to be a break spot on the chart. Price seems to be in an impulsive wave 3 (pink) but the entire wave structure is vulnerable to change due to the larger divergence on the daily chart (price has lower low but oscillator does not).

    1 hour

    The GBP/USD seems to be in a wave 3 (pink). Once the wave 3 is completed, then there is a chance that price will make a pullback as part of wave 4 (pink).

    USD/JPY

    4 hour

    The USD/JPY remains in a larger contracting triangle (orange/green). Price seems to be in wave E (blue) of wave X (brown). A break above the top of wave C (blue) invalidates the bearish triangle.

    1 hour

    The USD/JPY is showing multiple ABC zigzag corrections (pink) on the chart and could perhaps do that one more time within wave Y (green).


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