GBPUSD has proved resilient in early April and has a positive bias within an intermediate-term range. The threat is for bullish shift, but needing a push above 1.2775.
EURUSD did previously signal an intermediate-term bullish theme in late March above 1.0829, BUT April losses see risks for a move lower and shift back to an intermediate-term range phase.
Despite a dip lower in early April, support at 1.2375 remains intact and the Wednesday rebound sets upside pressures into Thursday from both the recovery effort since the FOMC Meeting in mid-March and the late March rebound effort.
Furthermore, risk within the broader range environment is still skewed towards a bullish shift in the intermediate-term outlook, but only signalled above 1.2775.
- We see an upside bias for 1.2559; break here aims for 1.2616 and even to 1.2634.
- But below 1.2419 opens risk down to 1.2375, maybe for 1.2339/21.
Short/ Intermediate-term Range Parameters: We see the range defined by 1.1982 and 1.2775.
Range Breakout Challenge
- Upside: Above 1.2775 aims higher for 1.3000, 1.3121 and 1.3455/3534 area.
- Downside: Below 1.1982 sees risk lower for 1.1943, 1.1880 and 1.1500.
4 Hour GBPUSD Chart
Yet another low-level consolidation below minor resistance at 1.0702, sustaining downside pressures into Thursday, from the negative price action seen from late March.
Although an intermediate-term bullish shift was previously signalled above 1.0874, growing threat is now for a push back down through 1.0598, which would signal an intermediate-term shift back to a neutral, broader consolidation theme.
- We see a downside bias for 1.0635; break here aims quickly for 1.0620, maybe towards critical support at 1.0598.
- But above 1.0702 opens risk up to 1.0753 and 1.0773, maybe towards 1.0795.
Intermediate-term Outlook – Upside Risks:
- We see a positive tone with the bullish threat to 1.1000.
- Above here targets 1.1300 and 1.1428/47.
What Changes This? Below 1.0598 signals a neutral tone, only shifting negative below 1.0493.
2 Hour EURUSD Chart
Forextraders' Broker of the Month
ForexTB is generally considered a reliable and reputable firm. It offers a variety of desirable features and attracts traders from all over Europe. The brokerage is fully regulated and licensed by the Cyprus Securities and Exchange Commission (CySEC) and is fully compliant with the European Securities and Markets Authority (ESMA). Customer reviews are usually positive, and independent industry websites that have reviewed ForexTB have concluded that the broker is safe...