EUR/USD
The push below 1.3183 extends the corrective setback off Tuesday's high at 1.3262, and is looking to test the range floor at 1.3105. However, only a break below there would upgrade the setback and expose the 1.3056 area. Regaining ground above 1.3183 would lift the tone and re-open the 1.3241 lower high, which protects 1.3262. The significant 200-day moving average lies in this area, and a fresh wave of bull pressure is required to force a break through 1.3262, opening 1.3365.
GBP/USD
Resistance at Tuesday's 1.5966 high held Wednesday to prompt a corrective setback to test support at 1.5863. Bear pressure is building here to threaten a deeper setback towards 1.5810, although the 1.5750 area will look to limit downside scope. A break above 1.5940 is required to re-open the 1.5966 high, which stands in front of the psychologically-important 1.6000 level.
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