GBP/USD: Earlier this year, GBP/USD breached below a multiyear ascending channel and sparked fresh negative signals projecting target for the down move initially at graphical levels of 1.36/1.35. Monthly stochastic indicator is now close to a pivotal floor which has cushioned previous down moves suggesting possibility of a consolidation once aforementioned levels are achieved.
However zooming onto recent price action, the pair is undergoing sharp up and down swings and is currently near median of a multi month channel at 1.44/1.4440. It is also evolving within a probable inverted H&S which is giving mixed signals.
Confirmation level at 1.46/1.4750 will remain a key level and only a move beyond this will mean possibility of a larger recovery.
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EUR/USD: Unsettled price action in EUR/USD continues within broader consolidation zone. The pair tested support near 1.1150, the 38.2% retracement from lows formed earlier this month and is now approaching towards a descending trend at 1.1330/80 which also happens to be February highs.
With daily RSI closing in on a similar trend, 1.1330/80 will be an immediate resistance while graphical levels at 1.1460 will be an important hurdle near term.