GBPUSD Analysis.
Being contained by 1.6662 previous high resistance, GBPUSD consolidated in a narrow range between 1.6187 and 1.6618 for several days. Now the pair might be forming a short term cycle top at 1.6560 level on 4-hour chart. Pullback to test 1.6187 key support is in favor. A break down below this level will confirm the cycle top and signal deeper decline to 1.6000 zone. Key resistance is at 1.6662, above this level will suggest that the medium term uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would be at 1.7000 level.
EURUSD Analysis.
EURUSD breaks below 1.3871 key support, suggesting that a short term cycle top has been form at 1.4011 level on 4-hour chart. Deeper decline to test 1.3748 previous low support is now in favor, below this level will signal further fall towards 1.3500-1.3600 area. Key resistance is now located at 1.4011, only rise above this level will indicate that the fall from 1.4338 has completed at 1.3748 already, then further rebound could be seen to 1.4200 zone.
Thx fxcycle
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