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The EUR/USD currency pair has a strong downward movement from the resistance level 1.2000, where the quote has already managed to return to the borders of the previous sideways channel 1.1700 // 1.1810 // 1.1910, leaving behind reflections on the upward development in the trend lines no. 1, 2 and 3.
If the set pace continues on the market, and the quote manages to consolidate below 1.1790, then a further downward movement towards the low of August 21 – 1.1754, with a possible extension to the line number 6 (1.1700/1.1710 area) is not excluded.
An alternative development scenario will be considered if the price slows down relative to the values of 1.1800/1.1830, which leads to a reversal movement towards 1.1885.
On the other hand, the GBP/USD currency pair has a similar downward trend with the European currency, where the rising channel of lines no. 1, 2 and 3 was hit. The corrective movement, from which everything began at the start of the trading week, may develop into a downward move, which will return us to the borders of the previous side channels from lines 4, 5 and 6.
Based on the obtained data on finding the quote relative to price channels, we can consider several scenarios for market development:
First, a price return to the border of the side channel.
The rising channel is no longer relevant. In turn, the quote is consolidated below 1.3255, which indicates a further downward movement towards 1.3200-1.3100.
Second, a slow down with subsequent recovery of the ascending channel.
In this scenario, the price decline is considered within the range of 1.3260/1.3300, where the quote gradually comes to a reversal and consolidates the price above 1.3330, which indicates the possibility of recovering the ascending channel.
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