M's Thoughs and Analyses

It appears that there will be at least a temporary retracement as EUR/USD formed another shooting star bar on the D1 time frame at 1.2092. That said, the overall bullish trend is not over yet and the rally will probably continue afterwards.

GBP/USD has almost reached the resistance at 1.3310, which is the MA89 indicator on the weekly time frame - the last high was at 1.3287. The question is whether it will succeed in breaking out above that level or not. If it does, next target is likely at 1.3400. In case of a pullback it will probably fall back to 1.3200.

GBP/USD broke out above the resistance at 1.3300 which is the MA89 indicator on the W1 time frame. After such a breakout the rally will most likely accelerate. I am almost certain the pair will reach 1.3400, though it could even climb to 1.3450.

The EUR/USD retracement is either over or the pair has begun to form a sideways consolidation above the support at 1.1835 because the pair formed a hammer bar above that level on the D1 time frame and bounced off from it. Which one of these scenarios is more valid depends on whether there will be a breakout above the last high at 1.2092 or the pair will bounce off from it again.

GBP/USD rallied hard after the BoE news on Friday. It broke out above 1.3500 and continued climbing. I wouldn't be surprised if the pair eventually reached 1.3700.