EURGBP is in consolidation mode. The recent move higher still appears to have undermined a bearish threat, however. 0.8378, the Jan 6 high, has been defined as a key short-term pivot resistance. Clearance of it would strengthen a bullish condition and signal scope for a stronger recovery. For bears, a resumption of bearish price action would once again refocus attention on 0.8248, the Feb 3 low and bear trigger.
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The recent move down in EURJPY appears corrective. The recovery from Monday’s low highlights a potential short-term reversal and the end of the corrective cycle. A continuation higher would open 164.90, the Dec 30 high. Clearance of 164.90 would confirm a resumption of the uptrend. On the downside, key short-term support has been defined at 160.04, the Jan 13 low. A breach of this level would be a bearish development.