EUR/USD
Consolidates off Friday's peak at 1.3008 to correct the bull wave off 1.2522, but support is likely to emerge above 1.2850 as the short-term uptrend remains decisively strong. The main threat is for a break above the 1.2955 lower high to open the 1.3008 high, creating room for further gains towards wave equality at 1.3095. The 1.2805 area provides the downside limit for corrective weakness.
GBP/USD
Friday's inside day tests key support at 1.5230, but this area is expected to survive during Monday's session and prompt a recovery back towards last week's bullish outside week high at 1.5470. A break above 1.5400 is required to lift the tone and open the 1.5445 lower high, which stands in the way of the 1.5470 peak. Only a sustained break below 1.5230 would concern bulls at this stage, exposing 1.5209 and 1.5191.
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