FXEM - EMPIRE MARKETS - Company New Article

The GBP/USD price traded positively in the past sessions to break the 1.2566 level and approach retesting the broken neckline of the head and shoulders pattern at 1.2605, and as we mentioned in our previous reports, the price needs to stabilize below this level to keep the downtrend effective for the coming period and reach the target of 1.2400, as breaking it will lead the price to turn higher and build an upward wave targeting the 1.2735 areas initially.

The EUR/USD price is fluctuating around the downtrend line, waiting for the expected downtrend wave to resume in the short and intraday terms, targeting 1.0333 and then 1.0250 as the next main stations.

Therefore, we continue to favor the downtrend for the coming period unless the 1.0475 level is breached and stabilized above it.