the EUR/USD is completing a potential wave 5 of wave C at the 1.1050 support but a break below the 1.1030 zone indicates a bearish reversal. The GBP/USD is completing either an ABC or ABCDE triangle correction.
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The EUR/USD needs to show a strong bullish bounce and break above 1.11 before this bullish scenario can be confirmed. Otherwise a bearish reversal is becoming more likely if price action remains corrective.
The GBP/USD correction is expected to last long and would need a break above 1.30 or below 1.2750 before a larger breakout could take place.
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