The euro/U.S. dollar (EUR/USD) currency pair is moving quickly to the downside, which can be viewed as the third leg down. Ideally, we will see a five wave move to develop to the downside and a breach below the 1.1383 level in hours ahead. Maybe top will be locked in.

EUR/USD, 1 hour

The British Pound/U.S. dollar (GBP/USD) currency pair looks to have found a base near the lower channel line for a complex Wave B), which means current intra-day rally can be the start of a new bigger impulse higher. Ideally, Wave 1 is now unfolding and will in sessions ahead breach the upper channel line, which will then signal a change in trend. Another confirmation that bulls are taking over is a breach above the former swing X at 1.2984 level.

GBP/USD, 1 hour

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