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GBPUSD pair has reversed as expected during previous weeks.

Now, while now bulls are trying to bring the pair higher again it looks that they are running out of steam and expectations are for the pair maximum swing high around 1.9770 area.

There with Fibonacci resistance point and trend line resistance GBPUSD should descend again, where we will be looking for the opposite side of the triangle to be broken.

If so, there will be yet another retest of 1.9350 area after which the targets will be set to 1.9100.

Forex trading by practical trader.

GBP/USD bias this week is bearish.

Bouncing off the support last week price faces first minor resistance at around 1.9600 level.
We will be looking closer at trend line (2), which holds pair to the downside. If the trust up at the beginning of the week is going to be large, then we may as well observe double resistance at 0.382 fibonacci level +trend line.
Aggressive sellers may try entering there.
Conservative traders will wait for their chance to Short at 0.618 Fib level if pair manages to get there; it will if trend line 2 fails.

On 4 hour GBP/USD charts this morning we may clearly see MACD divergence formed from last week, which in combination with hitting main support line propelled price upwards. Stochastic however, suggest a rise of selling pressure on 4 hours charts.

Overall, we need to wait and see how much further up GBP/USD can advance and choose the best position for entry.

Good luck trading!

EUR-USD is showing distinctive downward bias. First targets for Sellers are clustered at 1.5225 and 1.5045, which are Fibonacci 50% and 61.8% retracements levels. Recent re-test of the support level at 1.5040-1.5060 area has brought currency slightly up also encouraged by 38.2% Fibonacci retracement.

Stochastic remains in oversold area but is obviously having troubles rising higher while MACD has crosses zero point confirming downtrend direction.

Also if to zoom out to weekly charts, we have some signals forming that tell us a downtrend is most likely on its way. ADX 10 lines are about to cross, Stochastic is sloping down and MACD lines are crossing down.

GBP-USD pair is currently playing consolidation, where we wait for a break outside the triangle. Till that time use only strategies that work in consolidating markets or refrain from trading.

Happy Forex profits!