EUR-USD
The sentiment between going up or down is divided again after a scare that it will keep moving up and up. Based on Fibonacci analysis it should have been down after reaching the support point at 1.4370 but instead move up further to 1.4440. At that point fear start to grow if the market will keep moving up some more or going down as expected based on Fibonacci analysis. The waiting game also was long enough to stir up great doubts that both ways is a possible direction. In the end the Fibonacci analysis was right and it follows the direction downward to 1.4310.
GBP-USD
On the GBP-USD also similar situation happen, where everyone expect 1.6075 is the best place for reversal. However it went up further to 1.6225 more than 200 pips. At the highest peak create a great doubts that it will continue to move upward or reverse. And in the end it has retrace back to 1.6163 support level.
Volumes
The differences in volume of movement between both of the pairs is very significant due to the impact of EUR-GBP movement. As you can see the GBP-USD move much higher compare to the EUR-USD because the EUR-GBP is going down at significant rate and volumes. This resulted in making the Great Britain Pound is more stronger currency.
The Long-Term Traders Impact.
The long-term traders impact on GBP-USD is also very significant. As you can notice that the resistant level at weekly time frame 1.5817. At this level it should rebound at least for another mountain peak. We will see the next week what will be the next movement.
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