EURUSD are below the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, a downwards breakout of 6/8 (1.0498) is expected, followed by a decline to the support at 5/8 (1.0376). The scenario can be cancelled by rising above the 7/8 (1.0620) level, which could lead to a trend reversal, so that the pair might rise to 8/8 (1.0742).
On M15, a breakout of the lower boundary of the VoltyChannel could become an additional signal for a price decline.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are also below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, a rebound from 4/8 (1.2207) is expected, followed by a decline to the support level of 2/8 (1.1962). The scenario can be cancelled by rising above the 5/8 (1.2329) level. In this case, the pair might rise to the resistance at 6/8 (1.2451).
On M15, a breakout of the lower boundary of the VoltyChannel might increase the probability of a further price decline.
Attention!
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.