**Forex Technical Analysis: Major Pairs for August 8, 2025**
*Based on article by M. Iqbal, originally published at FXDailyReport.com, with added insights from DailyFX and Investing.com.*
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Foreign exchange (forex) markets continue to be a hub for global capital, impacted daily by macroeconomic indicators, central bank policy, and geopolitical shifts. As we enter the week of August 8, 2025, traders are paying particular attention to the technical setups of major currency pairs, which currently reflect a blend of broad trends and key reversal possibilities. This article offers a comprehensive technical analysis of the top forex pairs, drawing on original insights from M. Iqbal at FXDailyReport.com, enhanced by analysis from other respected finance sources.
### EUR/USD Technical Analysis
**Current Status:**
– The EUR/USD has shown resilience over the last few sessions, bouncing from earlier lows but still struggling to sustain upward momentum amid a strong US dollar backdrop.
– Recent data releases from both the Eurozone and US have injected volatility into the pair, with investors keeping a close eye on central bank rhetoric.
**Technical Overview:**
– The euro currently hovers near major resistance levels, recently failing to overcome the 1.1000 mark, a psychologically significant barrier.
– Support levels are seen near 1.0850 and 1.0800, where buying interest has emerged in the past.
– The daily chart reflects a consolidative structure, with a symmetrical triangle pattern forming, suggesting potential for a breakout upon a decisive close above resistance or below support.
**Indicators to Watch:**
– RSI hovers around the neutral 50 level, lacking overbought or oversold signals and reinforcing the consolidation narrative.
– The 50-day moving average is flattening, signaling that neither bulls nor bears currently dominate.
**Trading Strategy:**
– A sustained break above 1.1000 could invite momentum buying, projecting possible targets at 1.1100 and 1.1200.
– Conversely, a close below 1.0800 might invite a sharper retracement toward 1.0720.
– Traders may consider waiting for a confirmed breakout before entering significant positions.
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### GBP/USD Technical Analysis
**Current Status:**
– The British pound remains under pressure, marked by weak data from the UK related to manufacturing output and retail sales.
– The Bank of England’s dovish monetary policy stance continues to weigh on sterling.
**Technical Overview:**
– The GBP/USD has been stuck in a descending channel since mid-June, reflecting lower highs and lower lows.
– Resistance is firm around the 1.2900 area, while major support is observed at 1.2600.
**Technical Details:**
– The MACD on the daily chart shows a bearish cross, suggesting that momentum leans to the downside.
– Price action is below both the 50-day and 200-day moving averages, amplifying the bearish tone
Read more on AUD/USD trading.