EUR/USD is building a wave 4 corrective pattern. A bearish bounce at the Fibs and breakout below support could start a bearish wave 5, which has 1.1450 as the main target. The GBP/USD could also be in a wave 4. A bearish wave 5 is aiming for the -27.2% Fibonacci target at 1.2850.
The EUR/USD is building a wave 4 correction as long as price stays below the Fibonacci resistance levels. A breakout above the 61.8% Fib makes such a bearish wave 4 unlikely. The downtrend could complete a bearish wave 4-5.
The GBP/USD is probably in a bearish wave 4 as well. The GU’s wave 4 is also likely if price manages to stay below the weekly pivot point and 50-61.8% Fibonacci retracement level. The wave 4 and 5 patterns are probably part of an ending diagonal within wave 5.
Check out the video for the full analysis and trade plans on 7-8 August 2018: