The EUR/USD is showing strong bearish momentum and will probably build a bear flag pattern before testing 1.15 and 1.1450. The GBP/USD is a mix and could show a bearish break or bullish bounce depending on the price patterns next week.
The EUR/USD is likely to continue with the downtrend if a bearish chart pattern unfolds which stays below the 50% Fibonacci resistance at 1.1630. A price pattern could indicate a wave 4-5 pattern for a new lower low.
The GBP/USD could be showing either a bearish ABC or 123, which depends on how price reacts to the 88.6% Fibonacci support level. A bearish flag could indicate a wave 4 whereas 1.3050-1.3080 could indicate the start of a bullish wave C.
Check out the video for the full analysis and trade plans on 5-6 August 2018: