Markets are very slow across the board after Independence Day in the US. Many traders are away from their trading desk, so I would not be surprised to see similar patterns till Friday. However, commodities, particularly oil and gold are trapped in correction so upward reaction may occur which will somehow support the majors against the USD. But all focus today will be on ECB and BOE rate decisions. ECB is expected to cut rates by 0.25 basis points, from 1.0% to 0.75%. This action usually sends the currency lower, but this time the rate cut is needed to support the economy which will be good for risk-on trend, and Euro should then find buyers as well. On the other-hand, BOE is expected to leave the interest rates unchanged, but it may announce more quantitative easing program which will support the sterling.
Anyway these are fundamentals; I am technician and like to trade what I see on the charts. So, whatever ECB and BOE will do, this will clearly be evident on the charts.
From an EW perspective, I do not particularly like EURUUSD and GBPUSD at this time, even if structures look bullish for the sessions ahead. In risk-on environment, which is still clearly in play, I like high yielding currencies, such as AUDUSD, which is trading lower correctively, maybe wave four.
If risky assets from any reason will be under pressure (lower stocks, commodities) then interesting pair could be USDJPY after a nice impulsive reversal from 80.08. Now testing trend-line support from 79.14 where break will send bears to 79.00 and even lower.