the EUR/USD downtrend needs to bounce at the 50% at 1.2225 or lower otherwise the bearish breakout could turn out to be a false one. The GBP/USD is showing strong bearish momentum and could continue with one more lower low.
The EUR/USD made a bearish break below the key 1.2125 support zone and a downtrend now seems likely. The bears however will have to keep price below 1.2225 and show bearish continuation patterns before short setups appear. Any bullish pattern or break above 1.2225-1.2250 could indicate that the old bullish wave 4 correction is back in play.
The GBP/USD showed another strong bearish weekly candle and could continue with one more lower low if price retraces and stays below the 38.2-50% Fib zone on the 1 hour chart. Eventually a bullish ABC retrace is likely.
Check out the video for the full analysis and trade plans on 28-30 April 2018: