EUR/USD Technical View
EurUsd moved lower in the European session on Wednesday and found support at an ascending trendline connecting 2 October swing lows and after the ECB rate announcement the pair pushed back up to retest the other trendline we've been mentioning, a trendline that now has turned into resistance and so far it has held the pair below it. Until Euro break above yesterday's high point at 1.4660 we maintain our bearish bias and expect a tight range today until the US NFP numbers get released and perhaps even a second try at breaking the 1.4500 support area.
GbpUsd Technical View
Cable formed a doji bar on the daily charts as a result of the BOE interest rate cut of 0.25% when many traders were expecting half a point. Although this is usually an exhausting pattern, the down move still has some potential as it has not reached its projected target of 2.0020, so if the pair breaks a new low later on today or early next week will get the pair very close to our expectations. On the other hand trading this close to the lower side of the ascending channel it has trading in for the last several months is going to put some bullish pressure on the pair, and we have to be very carefull trading around and below the 2.0100 area.