- 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
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
