EURUSD is coming back above the channel resistance line in the 4-hour chart, so there are some chances that the pair is bottoming, especially because of RSI divergence. However, we need a rise above former swing highs and back to 1.1660 before we may look for any confirmed "low in place". But based on daily charts we still think that sooner or later euro will stabilize, either for wave E rally or even for a fifth wave bounce.

EURUSD 4h Elliott Wave Analysis

Cable is nicely recovering as expected, but for now, we are still looking for wave (C) or wave (3). If stops in the 1.38x area and turns sharply down, then we have to be aware of a corrective rally only, however, if rallies up to 1.39x area, then we will start tracking wave (3) of a five-wave bullish impulse.

GBPUSD 4h Elliott Wave Analysis