The EUR-USD pair had an especially negative week closing at $1.2752 (3.96% loss). The pair had opened with fairly moderate declines and broke downwards around $1.3100 closing at 1.2862. On Thursday and Friday the pair kept realizing, and now it almost reached the $1.2720 support. Reversal above this level would signal the end of the downward correction, on the other hand, breaking downwards would mean further slide in the short run. The next support is at $1.2520, and the next resistance is at $1.2980.

GBP/USD

The pair had a negative trading week which ended at $1.5588 (2.2% loss). GBPUSD quotes went down in the course of this week. On Friday, however, the pair was rising; this rise became quite weak at closing. Technically speaking, the pair went down to the breaking site at $1.5520. If current price trend reverses now, the downward correction might be over and the pair might resume the upward trend of late-April. Breaking the $1.5520 area might trigger a deeper correction towards the 1.5160 area. The $1.5800 mark is used as the closest resistance.

EUR/GBP

This pair also had a bad week closing at 0.8177. This trend started in late July at GBP 0.8495. On Friday the pair broke a 0.8200 horizontal support on its way down. Our working assumption is that the pair will continue to move down to a 0.8080 support/low. From above, 0.8280 is a resistance breaking which trigger a short upward correction, which could itself be a trigger for a more substantial correction towards 0.8430.