The EUR/USD is building a descending wedge chart pattern within a bearish ABC zigzag pattern. The GBP/USD volatility is indicating that a breakout is around the corner. The bears seem to have an edge when considering the rising wedge. 

EUR/USD & GBP/USD Overview

The EUR/USD is looking to test the support zone at 1.2050. A breakout could aim at the 144 ema of the daily chart.

The GBP/USD is very volatile as buyers and sellers step in at the S&R levels. Traders need to be careful that any breakout could turn into a false break.

Check out the video below for the full analysis and trade plans on 1 – 2 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 Length: 00:06:18