EUR/USD
Monday's sharp setback off 1.2490 leaves a bearish outside day reversal, and is looking to test support at 1.2270. Respite is expected in this area as it marks a 1.618 downside extension target, and protects the June 17 higher low at 1.2242. An upside break through 1.2368 is required to lift the tone, but resistance levels at 1.2398 and 1.2467 will look to protect the 1.2490 peak.
GBP/USD
Strong resistance emerged at 1.4937 Monday to protect the key 1.4968 level, and produce a wide-ranging bearish outside day reversal as support at 1.4735 comes under threat. A break below there is required to leave 1.4937 as a near-term bull failure, creating risk for further weakness towards the June 17 higher low at 1.4647. Resistance lies at 1.4849, but corrective gains need to force a break above 1.4891 in order to re-open the 1.4937 high.
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