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GBP/USD Arrives at Bottom of Downtrend Channel

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD is most likely in a wave B of a larger ABC (purple) zigzag. The wave count is invalidated if price breaks below the horizontal support (lighter green). 1 hour The EUR/USD is respecting the 50% Fibonacci retracement level of wave B (purple). A break out above or below sees new support and resistance levels emerge. GBP/USD 4 hour The GBP/USD is at the bottom of the downtrend channel, which could be used to enlarge the wave 4 (blue) correction. If price manages to break

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