Tuesday’s Jan 8th midday analysis -13.00 GMT

EurUsd traded so far insde yesterday’s small range and only covered just above 50 pips from the opening low to the 1.4736 high. The pair seems to be in a build up period that result in a break out, most likely in the Us session, a retest of the 1.4800 resistance line is to be expected if we break above the 1.4736 level, that we see marked on the chart below with a trendline.

GbpUsd pushed higher in the Asian session and appears to have formed a bearish Gartley pattern on the 1 hour timeframe, a break under the 1.9750 support zone will confirm this and we expect the pair to challeange yesterday’s lows, conversely a failure to do so will bring the pair closer to the 1.9800 level and today’s high of 1.9826.