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GBPUSD Breaks Consolidation Zone and Moves to Fib Levels

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD stayed in between the support (green) and resistance (red) trend lines and showed an overall choppy trading day yesterday. The choppiness could be explained by a wave B correction (blue) within a larger ABC (blue). 1 hour A break above the resistance trend line (red) could be part of an ABC (blue) within wave Y (purple) of wave 2. A break of support invalidates the ABC structure. GBP/USD 4 hour The GBP/USD broke above the consolidation zone (dotted orange) and moved

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