Forex major pairs offer intriguing trading opportunities to margin traders. Today we analyze GBPUSD and EURUSD. Both the British pound and euro seem to gather for a rally against the dollar. You can trade every currency pair with an up to 1:500 leverage.
The formation of the GBPUSD currency pair hints at a bullish trend that moves within the ascending green channel. In mid-April, the price touched the lower green wall, then pushed off from it and began to move in an upward direction within a small yellow channel.
It is possible that in the next coming trading days, the market will continue to move up in the direction of the resistance level of 1.445. This level is located at the intersection of two channels: green and yellow.
Alternatively, a downward move is assumed. If the support level of 1.404, which is on the lower yellow line, is successfully broken, the decline may continue further in the direction of the support level of 1.378, which is on the lower green line.
The EURUSD currency pair shows the construction of a large uptrend. In the last section of the chart, we can see that the price pushed off from the lower green wall in early April, and then went in an upward direction within the smaller yellow channel.
Currently, the price is near the lower yellow line. Thus, there is a possibility that the decline will continue to the support level of 1.214, which is located on the lower yellow line. If the specified level is broken, the decline may continue to the lower green line and the support level of 1.181.
However, there is a chance that the bulls will take the initiative and lead the market. In this case, we can see an increase to the upper green line and the support level of 1.239. And if this level is successfully broken, the growth can rise to the resistance level of 1.259, which is on the upper yellow line.