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EURUSD shifts bullish, but GBPUSD stays in an intermediate-term range

eurusd chart

  • When we last analysed GBPUSD and EURUSD here we highlighted intermediate-term bullish threats
  • EURUSD has shifted to an intermediate-term bull theme with a probe above key 1.179.
  • For the GBPUSD currency rate, the intermediate-term trend briefly shifted bullish above 1.3213, but has shifted back to a range after Friday’s aggressive selloff from Brexit No deal concerns.

 

 

EURUSD Intermediate-term bull shift through key 1.1791

We have stressed in recent reports that “we see an intermediate-term range theme, seen as 1.1791 to 1.1300, BUT now with strong risk skewed towards a bullish break above 1.1791” and the probe above here on Friday sets an intermediate-term bull trend.

Furthermore, the solid extension Friday after Thursday’s surge through important resistance peaks in the 1.1733/46/51/60 area keeps the risks higher Monday.

For Today:

  • We see an upside bias for 1.1803; break here aims towards 1.1851 and maybe even closer to 1.1903.
  • But below 1.1711 aims for 1.1667 and maybe opens risk down towards 1.1618.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 1.1996/2000 and 1.2476.

  • What Changes This? Below 1.1525 shifts the outlook back to neutral; through 1.1300 is needed for a bear theme.

Resistance and Support:

1.1803 1.1851** 1.1903 1.1946 1.1996***
1.1711 1.1667** 1.1618** 1.1564 1.1525***

4 Hour EUR/USD Chart

eurusd chart

GBPUSD Back to an intermediate-term range theme

A plunge back lower Friday to prod the key 1.3055 level has quickly shifted the intermediate-term outlook back to an i0t range theme.

Tis bearish shift also sets the bias lower for Monday.

For Today:

  • We see a downside bias for 1.3054; break here aims for 1.3025, 1.2979 and then maybe 1.2919.
  • But above 1.3102 opens risk up to 1.3162, maybe 1.3198.

Intermediate-term Range Breakout Parameters: Range seen as 1.3299 to 1.2894.

  • Upside Risks: Above 1.3299 sets a bull trend to aim for 1.3363, 1.3473 and 1.3618.
  • Downside Risks: Below 1.2894 sees a bear trend to target 1.2784, 1.2661 and 1.2500.

Resistance and Support:

1.3102 1.3162 1.2198* 1.3299*** 1.3363**
1.3054 1.3025* 1.2979** 1.2919 1.2894***

4 Hour GBP/USD Chart

gbpusd chart

 

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.


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