EUR/USD: Technical Analysis

The large 3 x 0.005 chart is still is showing an upside count of 1.4550 with trendlines still intact, so we probably have higher to go. The smaller 3 x 0.0015 is also still in an uptrend too with trendline still intact and target at 1.4385. Finally the small 3 x 0.0005 is in a downtrend with a target at 1.4270, which has been met so it is possible this might reverse now and rally towards 1.4385 target. If it continues to sell off, however, the next level of support down might be around the 1.4215 mark.

GBP/USD: Technical Analysis

The pair's last local maximum level 1.6360/90 is still successfully holding back the "bullish" attempts to continue growth. The price resides within 1.6360 1.6260 range, close to 1.6320/30 levels. Indicators keep on suggesting further possible growth. So, new local maximums around 1.6450/1.6500 levels, mentioned previously, may be finally tested. However, today investors are mostly focusing on the BoE monetary policy decision, which may turn out to be a surprise factor, that can change market sentiment completely. Reversal to growth for a medium-term will be obvious should the price fall below strong 1.6220/30 support level.

Analysis by: Joaquin Monfort
Forex4you analyst

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