If you are trading GBP/USD and EUR/USD in a strong downtrend. Why? Because US Dollar is getting strong and is expected to get more strong in the coming months.
US economic data releases in the past few months show a strong recovery. There is now call for an increase in the interest rates but the FED is reluctant and thinks that interest rate increase right now is too early as the job market is fragile. Market analyst believe that interest rate increase is going to come in the early part of next year. When the interest rate increase takes place, it is going to make US Dollar even more strong. However right now the bond market is behaving unrealistically. The currencies of countries anticipating higher growth, faster inflation and tighter central bank monetary policy typically strengthen; against that backdrop, government bond yields also typically climb. So right now either the dollar or the U.S. bond market has to be wrong. My money is on the latter: bond yields have become so unhinged from economic reality as to be meaningless.