Yesterday both EURUSD and GBPUSD dropped significantly. However, both Forex pairs are rising today. From the data front, all eyes will be focused on the Bank of England Monetary Policy Committee meeting. Anyway, let’s move on to the analysis:

EURUSD

Yesterday was a really interesting session. First, the EURUSD rose above the R1 resistance level. Then it quickly dropped heavily and finished the session below the S1 support level. However, the price is rising today. If the buyers continue generating firm demand, the price might rise above the Pivot Point and the EMA 200 today. But if the bears counterattack, the price could fall to 1.18.

GBPUSD

The GBPUSD was also really volatile yesterday. First the price rose above 1.395. Then it dropped deeply and finished the session below 1.389. The price is rising strongly today, though. It’s already above the EMA 77 and 1.39. If the buyers continue generating firm demand, the price might reach 1.395 today. But if the bears counterattack, the price could return below the EMA 77 and 1.39.