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GBP/USD chart on the hourly time frame

Yesterday, we expected that any break above the recent low at 1.3430 would open the door for further declines towards 1.3380, but the levels reached a few pips before the target at 1.3387.

• The price approached the lower boundary of the ascending channel (marked in black) and rebounded from it at the end of the previous session.
•  The MACD indicator remains negative, but the bearish momentum is beginning to slow.
•  Key Supports: 1.3400 – 1.3360
•  Resistances: 1.3470 – 1.3520

Expectation: If the price maintains trading above the current support, an upward rebound is expected to test the 1.3470 and then 1.3520 levels. A break above this support could open the door for further declines.
 

USD/JPY chart on the hourly time frame

• The pair is moving within an ascending channel, but is facing strong horizontal resistance near the 145.40 level.
• Pivotal support is located at 142.95 (lower black line).
• The MACD indicator shows a decline in positive momentum with a potential negative crossover.

Expectation:

• As long as the 145.40 resistance level remains unbroken, we may witness a downward correction towards 144.50 and then 143.70.
• If a sustained break above 145.40 occurs, the trend will shift to an upside move towards 146.20.

We can sell near 145.40 with a stop loss of 145.60 and a target of 144.50, and only buy if the aforementioned resistance is clearly breached.