GBPUSD erratic; EURUSD November outlook is bearish

gbpusd chart

 

GBPUSD Risks stay higher

An erratic Wednesday but to eventually push up above 1.3047/55 resistance and reinforce Tuesday’s surge through numerous resistances, to keep risks back higher Thursday.

The early November push above 1.3044 set an intermediate-term range seen as 1.2964 to 1.3258.

For Today:

  • We see an upside bias for 1.3072/85; break here aims for 1.3129 and 1.3175, maybe 1.3236 and 1.3258.
  • But below 1.2980 opens risk down to 1.2935/30, maybe closer to 1.2879 and 1.2826.

Intermediate-term Range Breakout Parameters: Range seen as 1.2964 to 1.3258.

  • Upside Risks: Above 1.3258 sets a bull trend to aim for 1.3299, 1.3473 and 1.3608.
  • Downside Risks: Below 1.2964 sees a bear trend to target 1.2661 and 1.2500.

Resistance and Support:

1.3072/85* 1.3129 1.3175** 1.3236* 1.3258***
1.2980 1.2935/30 1.2879* 1.2826** 1.2763

4 Hour GBPUSD Chart

gbpusd chart

EURUSD Bearish theme intact

A further Wednesday rebound Wednesday next resistance at 1.1322/2, but we look for 1.1369 to now cap, to resume negative forces from Monday’s plunge through key 1.1300 support, keeping a downside bias into Thursday.

The plunge through 1.1300 in the first half of November set an intermediate-term bear trend.

For Today:

  • We see a downside bias for 1.1303/00; break here aims for 1.1262/51, maybe 1.1214.
  • But above 1.1369 opens risk up towards 1.1427.

Intermediate-term Outlook – Downside Risks: We see a downside risk for 1.1119.

  • Lower targets would be 1.1000 and 1.0839
  • What Changes This?1500 shifts the outlook straight to a bull theme.

Resistance and Support:

1.1348 1.1369* 1.1427* 1.1447* 1.1500***
1.1303/00 1.1262/51* 1.1214* 1.1201/00 1.1179

4 Hour EURUSD Chart

eurusd chart

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