the EUR/USD bearish momentum could reverse once it reaches the key support zone at 1.21-1.22. The GBP/USD however seems ready for a downtrend but a potential ABC correction could occur soon.
The EUR/USD seems to making its last and final decline before completing its third corrective leg. The wave C would most likely finish the wave Y within the wave 4 and a start of the uptrend and wave 5 could emerge. This price pattern could be invalidated once price breaks below the key support zone at 1.21-1.22.
The GBP/USD weekly chart is showing bearish candlestick pattern (engulfing twins) and a bearish continuation is expected. Price is now challenging the round 1.40 support level but price is vulnerable to a bullish ABC correction. The next pattern (impulse or correction) will decide whether price declines or retraces but eventually a correction will take place.
Check out the video for the full analysis and trade plans on 21-23 April 2018: