EUR/USD
Bulls are in control of the near-term after setting a fresh six-week high at 1.2613 Friday. Consolidation is underway to validate the break above 1.2490, and although there is scope to the 1.2430 area, bulls are expected to cushion dips in the 1.2485 area to protect 1.2430. The main threat is for renewed bull pressure on the 1.2613 high, opening 1.2673 and wave equality at 1.2765.
GBP/USD
Resistance emerged at 1.5228 Friday to halt the strong rally off the July 1 reaction low at 1.4876, and consolidation is likely back towards support in the 1.5070 area. 1.5228 represents a key resistance cluster, and should therefore look to force a break below 1.5070 towards 1.5000, given the wider picture is that of a major bear trend. Above 1.5228 would prompt further gains towards 1.5395, and weaken the prominent 1.5524 lower reaction high from April.
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