FXEM - EMPIRE MARKETS - Company New Article

The GBP/USD price is testing the pivotal support area 1.27510, which meets the breached neckline of the inverted head and shoulders pattern, waiting for the resumption of the bullish wave targeting the 1.2865 level as the next main station.

The mentioned pattern supports the chances of surpassing the mentioned level to achieve additional gains reaching 1.3000, while breaking 1.27510 and holding below it will stop the positive scenario and put the price under negative pressure again. 

EUR/USD is facing negative pressure to retest the breached neckline of the inverted head and shoulders pattern shown on the chart.

Therefore, this factor encourages us to favor the bullish bias for today, and the price needs to trade above 1.0563 again to enhance the chances of heading towards 1.0635 as a first positive target, taking into account that breaking 1.0540 will invalidate the suggested positive formation and push the price to achieve further decline in the short term, heading towards visiting the 1.0475 level initially.