EUR/GBP Is Moving to the Upside

Despite the signal that EUR/GBP might test the resistance at 0.8600, which coincides with the (MA)89 indicator on the daily time-frame, the pair could not quite reach that resistance before bouncing off 0.8577 and moving to the downside towards the support at 0.8300. Unsurprisingly, the pair bounced off 0.8300 as well, after forming a spinning top candlestick on the four-hour time-frame. Currently the pair is testing the resistance at 0.8435, and a breakout above that level will probably lead to a further move to the upside towards the next resistance level at 0.8530, which is the (MA)89 indicator on the four-hour time-frame. That said, the pair is still quite bearish and on the larger time-frames there is no signal for a reversal, so a breakout below 0.8300 and a further move to the downside is also quite possible.

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GBP/AUD Is Rallying

GBP/AUD tested and broke below the support at 1.6610, eventually reaching a low at 1.6546, but it could not quite reach the next support level at 1.6500 before bouncing off 1.6546 and sharply moving to the upside. What is more, the pair broke above the resistance at 1.6900 which coincides with the (MA)89 indicator on the daily time-frame with ease and it is still climbing. The pair is currently testing the next resistance at 1.7100, and if a break out above that level occurs it will likely lead to a further move to the upside. As for the target of said move to the upside – the last high the pair formed was at 1.7800, but whether or not GBP/AUD will climb that high remains to be seen.