the EUR/USD is building a descending wedge chart pattern within a bearish ABC zigzag pattern. The GBP/USD volatility is indicating that a breakout is around the corner. The bears seem to have an edge when considering the rising wedge.
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The EUR/USD is looking to test the support zone at 1.2050. A breakout could aim at the 144 ema of the daily chart.
The GBP/USD is very volatile as buyers and sellers step in at the S&R levels. Traders need to be careful that any breakout could turn into a false break.
Check out the video below for the full analysis and trade plans on 1 – 2 Feb 2021: