In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the July 25th session.
EUR/USD — As you can see on the daily chart, the market has been a bit quiet during the day, a little bit negative. Late in the session, we are starting to see a little bit of support. We are a little overbought. So, a pullback would not be a huge surprise. But quite frankly, I think the 1.15 level offers a floor, and eventually we should go looking for the 1.1850 level, which is the top of the next consolidation area of the longer term.
GBP/USD — The British pound has broken above the top of the shooting star from Friday on Monday. I think we are ready to go higher. This has more to do with the US dollar than the British pound though. So, I am not expecting an explosive move, as there are still concerns about headlines coming out about Brexit and everything else. With that being said, as we move higher, it is going to be a grind. But if we can break down below the 1.29 level, at that point I would be very concerned as it would show a complete reversal.