EUR/USD, GBP/USD and EUR/GBP turning lower after recent gains
EUR/USD, GBP/USD and EUR/GBP turn lower, but will this mark the beginning of a bearish phase following recent gains?
EUR/USD falls into key support after respecting notable resistance level
EUR/USD has started to weaken after its recent rally took the pair into the late-July peak of $1.1908. With the price falling back into the confluence of trendline support and the $1.1866 swing-low, there is a good chance we could start to see a wider pullback from here if the price breaks support.
As such, keep an eye out for whether we see a move below this current area of support to guide us on whether we will see this recent pullback extend further. To the upside, a break through $1.1908 would bring greater confidence of a bullish continuation.
GBP/USD drifts lower from key resistance
GBP/USD has similarly turned lower from a notable resistance level, with the $1.3888 peak from mid-August holding to send the pair lower this morning.
However, the intraday trend of higher lows does remain in play, meaning that it makes sense to await a break through either $1.3888 (bullish), or $1.3818 (bearish) for guidance on where we go from here.
EUR/GBP starts to roll over after recent rebound
EUR/GBP dropped below trendline support on Friday, following a rally into the deep Fibonacci zone.
The wider bearish trend looks like it could kick in once again, with a move below the likes of $0.8558 and $0.8542 bringing greater confidence of that breakdown.
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