EUR/USD, GBP/USD in process of topping out while EUR/GBP stabilizes?
EUR/USD looks top heavy
EUR/USD looks top heavy after US non-farm payrolls and probes its August-to-September support line at $1.1070. If slipped through, the early September low at $1.1027 and the August 5 high at $1.1009 will be in focus, provide that Friday's high at 1.1155 isn't overcome.
We neutralized our medium-term forecast and now have a short-term bearish outlook.
EUR/GBP bounces back
EUR/GBP continues to recover off the June-to-July lows at £0.8398-to-£0.8378, targeting minor resistance along the 55-day simple moving average (SMA) at £0.8466.
Were Friday's low at £0.8412 to be fallen through, however, the 2 August 2022 low at £0.8240 would be eyed.
GBP/USD slips
GBP/USD Friday bearish engulfing pattern on the daily candlestick chart points to a top possibly soon being formed which is why we have neutralized our medium-term forecast while Friday's high at $1.3239 caps.
Last week's low at $1.3088 is in view, a fall through which would eye the $1.3045 July high.
