EURUSD closed with declines yesterday, suggesting more weakness in play for the next few sessions, as the first leg down unfolded in an impulsive manner. We label it as wave 1/A, so more weakness is expected after the current wave 2/B pullback, which should finish soon. From a higher perspective, we still need a 1.1231 overlap to confirm a weaker EURUSD.
EURUSD 1h Elliott Wave Analysis
GBPUSD did not go far recently, but the important thing is a three wave decline from the recent high, which is a corrective move so the pair is expected to form a more complex correction. We see a triangle in place for wave B so be aware of more gains in this week, after wave (e), which can drop to around 1.5400 before the uptrend will continue its rise to 1.5500/1.5550.
GBPUSD 1hElliott Wave Analysis