EURUSD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI is testing the resistance line. In this situation, the price is expected to break the 2/8 (1.0682) level downwards and fall to the support at 1/8 (1.0559). The scenario can be cancelled by breaking the resistance level at 3/8 (1.0681), which could drive the price to 4/8 (1.0742).
On M15, the lower boundary of the VoltyChannel is broken. This confirms a downtrend and a high probability of a further decline.
GBPUSD, "Great Britain Pound vs US Dollar"
GBPUSD quotes are below the 200-day Moving Average on H4, which indicates a prevailing downtrend. The RSI has reached the oversold area. In this situation, the quotes are expected to test the 4/8 (1.2207) level, rebound from it, and rise to the resistance at 6/8 (1.2451). The scenario can be cancelled by a downward breakout of 4/8 (1.2207). In this case, the pair will continue to decline, potentially dropping to the support level at 3/8 (1.2085).
On M15, the price increase could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.