FXEM - EMPIRE MARKETS - Company New Article

GBP/USD chart on the hourly time frame

The GBP/USD price traded with noticeable positivity yesterday to approach the 1.2735 levels, recording a new peak lower than the recently recorded peak at 1.2750, so the chances remain for forming a double top pattern that we expect will contribute to pushing the price to achieve negative targets exceeding 1.2566 to reach 1.2525.

 

Therefore, we will maintain our expectations for the downside trend in the coming period, noting that breaching 1.2735 will push the price to achieve more gains and build an upward wave targeting the 1.2866 areas in the near term.

EUR/USD chart on the hourly time frame

The EUR/USD price finds strong support at the 1.0475 level, showing some slight upward bias, waiting for a negative incentive that contributes to pushing the price to break this level and open the way to resume the downward wave, whose next target is at 1.0400.

 

Note that breaking 1.0563 will stop the downward wave and push the price to make an additional upward correction, whose next target is at 1.0634.