Thursday’s Nov 29th midday analysis -13.00 GMT

After bouncing from just above the 1.4700 area yesterday the pair found a high at the 23.6 Fib retracement line and started again to move lower, as we can see in the chart below EuruSd is once again closing in on the 1.4700 support and although the 1hr oscillators look oversold we are bearish on this pair and expect a break below support.

GbpUsd failed to reach it’s target on the break south of yesterday’s triangle formation and instead it printed a new high at 2.0830; after that we witnessed a sharp fall towards yesterday’s lows a level at which we are trading right now; so far the 2.0600 support line is holding the pair above it but the downside pressure will probably push it through towards the 2.0500 target area.