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GBP/USD
Cable staying within the defined large trading range. Resistance is at 1.6565/85. Sellers will be here at these high revels looking to drive this lower back to 1.6380.
Sellers will put stops in at above 1.6625. If this resistance breaks, buyers will come in and look for this to trade higher to 1.6665. Buyers will cover. They will take on the sellers here as well, as if this does break out of this range buyers are looking at 1.6830 to entice.
1.6565/85 holding keeps the market within defined range and sees sellers take this back to 1.6380. Here they will cover. Sellers will only re-sell below 1.6320 for 1.6240/20.
EUR/USD
Eur/Usd hit 1.4298 yesterday which was near enough to the 1.4300 resistance. Buyers are going to be looking once more to cover in this region. Now 1.4300 holding leaves the market with a short term double top pattern. This should drive the market lower. However above 1.4335/40 all bets are off.
Now you do have resistance, good resistance in the 1.4335/40 region from previous highs, and this is obviously going to be a sticking point for buyers. Sellers are likely to come in at these higher levels and try and hold the buyers at bay. This should work initially, as the market will then have a topping pattern. However if buyers can crack above 1.4365 you would find sellers scattering, leaving buyers to hoist the market higher with 1.4440 then the next objective.
Now if 1.4300 holds it will come lower to support at 1.4205. If sellers break this support look once more for this to come lower to 1.4155/35. Sellers will cover to here. Only below 1.4110 would sellers once more be interested.
Source: FXstreet and Charmer Charts.com
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