GBPUSD Upside and EURUSD Downside Within Range Environments
Differing outlooks for the GB Pound and the Euro against the US Dollar over the past 1-2 weeks, reinforced by price action seen Friday after the US Employment report.
GBPUSD now indicates a bullish tone within a range environment, whilst EURUSD maintains a negative consolidation bias within a non-trend phase.
GBPUSD –Upside Risks
Still a broader range theme, but a strong base structure has built through from mid/latter August and the surge higher to start September also lends a positive tone into Monday.
For Today:
- We see an upside bias for 1.3352, 1.3372 and 1.3384; break here aims for 1.3449, maybe 1.3478/81.
- But below 1.3236 opens risk down to 1.3127.
On an intermediate-term outlook, we still see a range theme into mid-September.
Short/ Intermediate-term Range Parameters: We see a range defined by 1.2791 and 1.3534.
Range Breakout Challenge
- Upside: Above 1.3534 aims higher for 1.3637 and 1.3899.
- Downside: Below 1.2791 sees risk lower for 1.2565, 1.2000 and 1.1880.
4 Hour GBPUSD Chart
EURUSD – Negative Bias
A topping structure in latter August was reinforced by the spike higher and setback Friday (from 1.1252) to leave a still negative tone into Monday.
For Today:
- We see a downside bias for 1.1121/1.1109; break here aims for 1.1068, maybe 1.1044.
- But above 1.1200/08 opens risk up to 1.1252.
The late July push above 1.1189 saw a shift to an intermediate-term, neutral range theme.
Short/ Intermediate-term Range Parameters: We see the range defined by 1.1428 and 1.0950.
Range Breakout Challenge
- Upside: Above 1.1428 aims higher for 1.1616 and 1.1714.
- Downside: Below 1.0950 sees risk lower for 1.0910, 1.0823/21, 1.0777/08 and maybe 1.0520.
4 Hour EURUSD Chart
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