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EURUSD is higher in the past few sessions, but the rally cannot be counted impulsively. We can see several overlaps within the current recovery so we assume that the pair is making a double zigzag with a new reversal coming from around the 1.1430/40 zone.

EURUSD 1h Elliott Wave Analysis  

EURUSD Elliott Wave Analysis technical outlook January 28 2015 currency trading

GBPUSD is higher as well, but we assume that the leg from 1.4948 is part of a correction as a decline from 1.5268 seen last week was made in three waves. As such, the pair can be forming a flat correction with a reversal coming down from 1.5270, where the pair completes the current five wave move in C.

GBPUSD 1h Elliott Wave Analysis

 

GBPUSD Elliott Wave Analysis technical outlook January 28 2015 currency trading