the EUR/USD is in a downtrend channel but price action is corrective and choppy and price could bounce at key Fibonacci support levels around 1.1650-1.1750. The alternative is strong bullish momentum breaking above the local resistance, which could indicate an immediate bullish breakout and continuation.
The GBP/USD has reached the 38.2% Fibonacci support level. The main question is whether price will bounce up or break below towards the 50% Fib support. This video analyses what to look for in a bullish breakout and bounce.
Check out the video for the full analysis and trade plans on 7 – 8 December 2017: