The EUR/USD is showing a bullish reversal after completing a bearish ABC at the 50% Fibonacci support zone. The GBP/USD is also showing a potential bounce but it needs to stay above the top of wave 1 otherwise a bearish downtrend is possible.
The EUR/USD seems to be ready to complete a bullish ABC zigzag pattern up to the key resistance zone at 1.18-1.1850, which is a critical decision zone. A bearish break below the triangle however could invalidate the bullish correction.
The GBP/USD will probably follow the EUR/USD and build one more push up higher as part of a 5th wave of wave A. If price indeed completes a wave A, then a bearish ABC within wave B should take price back to a potential support at the inverted head and shoulders pattern. A break below the key support level however invalidates the ABC zigzag and could indicate a downtrend.
Check out the video for the full analysis and trade plans on 24-25 July 2018: