the EUR/USD is building a bull flag chart pattern and aiming for the next head and shoulders resistance level at 1.1375. The GBP/USD looks bullish too but needs to break above 1.26 first.
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The EUR/USD completed 5 bullish waves on the 1 hour chart and hence is expecting a bullish continuation after price has completed a bearish ABC correction. At the moment the bearish ABC has indeed bounced at the 50% Fibonacci level around 1.1240. A bullish breakout above 1.1.1275 could indicate an uptrend continuation.
The GBP/USD is bouncing at the support zone of the larger daily chart, which is a critical bounce or break zone.
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