EUR/USD Forming triangle pattern

The single currently pressured the 1.1600 level in the early trading hours as the US dollar gathered strength on the outlook for the US economy presented by the US Federal Reserve Chairman Powell in Congress as well as by Kansas City Fed President George. Both officials shared opinion that the US economy is expected to remain strong with employment and inflation rising that justifies the gradual monetary policy normalisation with rates going higher.
As seen on the daily chart since mid June the EUR/USD pair is consolidating below the 1.1800 handle and above the resistance turned то support which is the top of the two-year range.
On the same chart the price is currently forming a triangle pattern,тhat often comes before the trend continuation,but having in mind the previous drops bring bearish implications. In case of closing below the triangle bottom, doors are opened for testing the support zone at 1.1520 – 1.1570.

GBP/USD Bearish pressure below post-BoE's level

During the last week the GBP/USD pair marked highest level 1.3314 but closed almost unchanged at 1.3265. BoE surprised markets with its hawkish stance along with the change in the MPC vote, having 3 of 9 votes for rate hikes. Meanwhile the latest release of Brexit drama will probably weigh on the Sterling at tomorrow’s opening.

Technically speaking the short-term outlook for the pair remains neutral to bearish. On the four hour time frame the price is developing between its moving averages with current price in line with the 50-day SMA. The latest recovery was stalled by the 100-day SMA, which shows its corrective attitude. RSI has lost directional strength around its’s mid-line. Stochastic is showing strong bearish momentum and is nearing oversold territory.  

The last week’s low on post-BoE's decision is providing first support at 1.3240 with is broken to below will increase the bearish pressure and will lead the pair towards  1.3205 – 1.3170.