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Daily Currency Outlook: GBP/USD And EUR/USD : April 03,2018

Daily Currency Outlook: GBP/USD And EUR/USD : April 03,2018

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.4014; (P) 1.4046; (R1) 1.4074;

Intraday bias in GBP/USD stays neutral at this point. With 1.3982 minor support intact, further rise remains mildly in favor. On the upside, above 1.4243 will resume the rise from 1.3711 and target 1.4345 high first. Decisive break there will resume larger up trend and target 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519 next. On the downside, however, firm break of 1.3982 will indicate completion of rebound from 1.3711. In that case, intraday bias will be turned back to the downside for retesting 1.3711.

In the bigger picture, as long as 1.3038 support holds, medium term outlook in GBP/USD will remains bullish. Rise from 1.1946 is at least correcting the long term down from 2007 high at 2.1161. Further rally would be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. However, GBP/USD fails to sustain above 55 month EMA (now at 1.4259) so far. Break of 1.3038 support, will suggest that rise from 1.1946 has completed and will turn outlook bearish for retesting this low.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.2273; (P) 1.2309 (R1) 1.2337;

EUR/USD tried to break 1.2285 support but failed again. Intraday bias remains neutral with focus on 1.2285. Break will indicate hat whole rise from 1.2154 has completed with three waves up to 1.2475. And intraday bias will be turned to the downside for 1.2154 and below, to extend the decline from 1.2555. That will also be another sign of rejection from 1.2516 key fibonacci level. On the upside, above 1.2344 will turn bias back to the upside for 1.2475 and possibly further to 1.2555 high.

In the bigger picture, key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 remains intact despite attempts to break. Hence, rise from 1.0339 medium term bottom is still seen as a corrective move for the moment. Rejection from 1.2516 will maintain long term bearish outlook and keep the case for retesting 1.0039 alive. Firm break of 1.1553 support will add more medium term bearishness. However, sustained break of 1.2516 will carry larger bullish implication and target 61.8% retracement of 1.6039 to 1.0339 at 1.3862 in medium term.

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