The EUR/USD broke above a short-term resistance line (dotted orange) but might struggle with moving higher due a potential bearish ABC zigzag pattern (purple) that could occur during today’s trading day.
The GBP/USD has broken above the horizontal resistance (dashed red) but could stall with the uptrend due to the major 38.2% Fibonacci retracement level of wave B (black). After a small bearish retracement however price is expected to pusher higher as part of an ABC correction (blue).
The GBP/USD has either completed wave 5 (magenta) of wave 3 (green) OR it is building an expanded internal 5 waves (blue). The difference can be seen in the Fibonacci retracement levels of the wave 4s (green vs blue).
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