EURUSD- Completed Pattern and Retraced from Resistance as Predicted

Technical Analysis
The EURUSD pair has completed its symmetrical triangle pattern which we predicted in our analysis and the price retraced from its resistance level which was also given in our analysis 8th May. The price is trading above the 100 day (shown in yellow) and the 50 day (shown in green) moving averages which suggests that the bias could be to the upside. The price action is also trading well above its rising trend line which means that the uptrend is intact. The RSI is also trading in line with the price action which suggests that the bias could be to the upside.

USDJPY Technical Analysis

The USDJPY pair has failed so far to break its downward trend line which suggests weakness in the price. The price is also trading below the 50 day (shown in green) and 100 day (shown in yellow) moving average. The USDJPY pair is trading within the ascending triangle, and historically speaking these triangles usually break towards the downside. If this pattern does break towards the downside, it could bring the price near the yellow rectangle on the chart. However, the RSI is giving slightly bullish signal in terms of deflection between the price and the RSI which means bias could be towards the upside.

GBPUSD Fell from its Resistance As predicted

Fundamental Analysis
It is widely expected amongst investors that there will be no further increase in the asset purchase facility or rate cut, as the country has avoided its triple dip recession, according to the latest GDP numbers. Moreover, the all sector PMI increased to 52.1 from its previous reading of 51 which further strengthen this argument that the economy is accelerating its growth at a faster pace.