EUR/USD completed the bullish 5th wave. It is now expected to show a bearish ABC zigzag towards the 61.8% Fibonacci level. The GBP/USD could retest the bottom of the downtrend channel at 1.3850 before finding support.
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The EUR/USD is looking for a bullish bounce but the head and shoulders pattern should send price action lower again. A bearish ABC pattern is expected to take price lower.
The GBP/USD bullish bounce at 1.3850 could setup a target at 1.40 but a break below the support zone indicates a deeper bearish move.
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