FX levels to watch – EUR/USD and GBP/USD

EUR/USD and GBP/USD are selling off from key resistance levels, with both pairs hitting a crucial level of support. A break below there would signal a strong potential of further downside for both pairs.

EUR/USD drops into key support level

EURUSD has been selling off sharply from the $1.1745 support level this morning, with the price approaching the crucial $1.1620 level.

This represents an important breakout point, below which we would be looking likely to see further downside come into play. However, until then, there is a good chance we could see a rebound to continue the triangle that has been in play over the past month.

GBP/USD breaking below crucial support level

GBPUSD has dropped below the $1.3083 support level, as the pair looks likely to pave the way for further downside. The previous respect at the 76.4% retracement last week seems to have drawn a line under (or above) recent gains, with a break below this $1.3071-$1.3083 area key to seeing that come through.

As such, look out for whether we can see a break below the support zone. An hourly close below there would point towards further downside to come.

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