EUR/USD, GBP/USD Analysis & Setups Feb. 3-5, 2021

The EUR/USD broke below the support zone of the descending wedge pattern. It is now likely to continue lower in a bearish ABC pattern. The GBP/USD broke the two rising wedges and is showing the potential for a larger bearish retracement.

EUR/USD & GBP/USD Overview

The EUR/USD is aiming at bearish targets around 1.1875-1.1925 but some type of retracement or breakout is needed first.

The GBP/USD has entered a bearish zone with potentially large space to the downside. But still, a pullback or breakout is also required.

Check out the video below for the full analysis and trade plans on 3 – 5 Feb 2021: 

• EUR/USD, GBP/USD technical analysis
• Review of patterns, trends, key S&R levels
• Explanation of potential trade ideas both up and down
• Beginner friendly, explaining concepts in more detail

EUR/USD, GBP/USD video:

Video Length: 00:10:29