EUR/USD and GBP/USD Rally as Dollar Tumbles Post-ECB and BOE Decisions

GBP/USD has been consolidating between 1.3450 and 1.3600 over the past two weeks, with renewed dollar weakness now threatening to break the pair above the upper resistance boundary. The U.S. dollar has come under significant selling pressure following recent policy decisions from the European Central Bank and Bank of England, which appear to have shifted FX market dynamics in favor of European currencies. EUR/USD has also picked up bullish momentum as the dollar broadly retreats. The ECB and BOE outcomes have reinforced diverging policy expectations relative to the Federal Reserve, fueling capital flows into the euro and sterling. For GBP/USD, a sustained break above the 1.3600 resistance level could open the path toward 1.3700 and beyond, while failure to clear this zone may see the pair rotate back toward 1.3450 support. EUR/USD traders are similarly watching for confirmation of the dollar's weakness. Upcoming U.S. economic data will be pivotal in determining whether dollar selling intensifies or stabilizes near term.