The EUR/USD is building a bearish ABC pattern within a wave B. The 50-61.8% Fibonacci retracement levels could act as support and a bouncing spot around 1.15. The GBP/USD is showing strong bearishness and has arrived at the weekly S1 PP which is a a key decision zone. Make sure to check out our free Wave and Fibonacci guide.
EUR/USD broke the bear flag chart pattern which could indicate a bearish wave C. Price is expected to bounce in the support zone at 1.1475-1.1525 to finish wave B and start bullish wave C. A break below 1.1475 would change the perspective and chances.
GBP/USD is in a bearish breakout and could either have completed a bearish wave 1 or expand a bearish wave 3 depending on the reaction at the S1 pivot point decision zone.
Check out the video for the full analysis and trade plans on 4-5 September 2018: