The GBP/USD is attempting to break below the downtrend channel

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    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 made a bearish break below the support trend line (dotted green) as part of a 5th wave (green), which could potential complete a wave C (blue) of a wave B (purple). Price has bounced at the 78.6% Fib and a break below the 100% mark invalidates this wave count. GBP/USD 4 hour The GBP/USD is

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