The EUR/USD is showing bearish momentum but is approaching yet again the bottom of the contracting triangle chart pattern. The GBP/USD is probabaly showing a bearish ABC zigzag pattern unless price manages to break the support with a strong daily candle close near the low.
The EUR/USD is falling strongly after bouncing at the top of the triangle pattern around 1.1750. The bearish price action is now in a new decision zone and potential bullish bounce or bearish breakout zone. A bounce seems more likely at the moment but it is critical to keep an eye on the close of the daily candle for a potential breakout.
The GBP/USD is probably building a bearish ABC unless price manages to break below the 61.8% Fibonacci retracement level with a strong daily candle close near the low.
Check out the video for the full analysis and trade plans on 2-4 August 2018: