Thursday's Jan 14th midday analysis -13.00 GMT

EurUsd printed a new weekly low this morning just under the 1.4600 level but after that it started retracing toward yesterday’s 50% Fibonacci line at 1.4730 which is also where we have marked on our chart a downsloping trendline connecting Wednesday and Thursday’s highs; the resistance at that level should be enough to turn the pair back down toward the lows.

GbpUsd failed to make a higher high today and bounced back and forth between 1.9600 support and 1.9700 resistance at the moment is trading right in the middle of this range. We expect the pair to at least test the 1.9600 support if not to go a little lower toward the 1.9550 zone.