Since the beginning of the week, the euro has depreciated against the US dollar by more than 1.5%. The EUR / USD pair fell 0.6% on Thursday, reaching monthly lows around 1.1655.

Bullish Persistence above the mentioned price zone of 1.3100-1.3150 was supposed to allow bullish pullback to pursue towards 1.3400 as a final projection target for the suggested bullish pattern. However, the GBPUSD pair failed to do so, Instead, another bearish movement is probably targeting the price level of 1.2840 where bullish SUPPORT will probably exist.

Watch for the breakout to confirm further direction....

Intraday Trend-Traders could have considered the recent bearish H4 candlestick closure below 1.1770 as a valid short-term SELL Signal with bearish targets located around 1.1700 and 1.1630. Any bullish pullback towards the price zone of 1.1770 should be considered for signs of bearish rejection and a valid SELL Entry. S/L should be placed just above 1.1810.

Watch for selling opportunities...

Recently, Two opportunities for SELL Entries were offered upon the recent upside movement towards 1.1880-1.1900. Both positions are already running in profits. Early signs of bullish reversal are being demonstrated. Exit level should be lowered to 1.1750 to secure more profits.

Watch for selling opportunities on the rallies...

The dollar has strengthened, but the US market is not growing

GBP traders will be looking for more clues ahead of the Bank of England policy meeting.

EURUSD is trading near the weekly lows. Price has broken below the lows of the previous three weeks and this is a bearish sign. Price got rejected at the 1.19-1.1850 resistance and bulls have failed to hold price above 1.17.