Hello Traders,
Let’s quickly hit our charts and see what we can make of the market…
1. GBP/USD
The GBP/USD on the daily chart has a major bearish candlestick which is very much active till 10 pm tonight.
After spending close to 2 weeks within a major consolidation band, if the daily candlestick closes with this strong bearish candlestick, there is a huge probability that we may be seeing a bearish move for the most part of tomorrow.
Our next possible support level will most likely be 1.21378.
2. EUR/USD
On the daily chart, the EUR/USD has a strong bearish candlestick almost hitting a key support level (1.09347).
There are two outcomes as we know:
1. Price could bounce back to resistance level 1.10265 or
2. We could see a breakout of support level 1.09347, which may further encourage price to hit the next possible support level (1.08091)
Patience would be needed in order to execute this trade properly.
So, we are done with our analysis for today, please exercise a good money management system while trading.
As always… Remain pip-full
