#EURUSD,#GBPUSD Technical Outlook: 11 April 2023

EUR/USD Technical Analysis: Breaking this Support Changes the Trend

According to the performance on the daily chart below, there is a shift in the direction of the EUR/USD currency pair.

• The beginning of this week’s trading was in favor of completing the selling operations that the EUR/USD currency pair was exposed to since the middle of last week’s trading.
• Its losses affected the 1.0831 support level before settling around the level of 1.0860 at the time of writing the analysis.
• It was awaiting the signals of the US Central Bank with the announcement of the content Minutes of its last meeting, and before that, the announcement of US inflation readings.

EUR/USD Technical Outlook:

According to the performance on the daily chart below, there is a shift in the direction of the EUR/USD currency pair. The bears' control over the trend will increase if the current selling operations continue and the currency pair moves below the support level of 1.0780, which is an important break for the change in the pair's outlook.

On the other hand, over the same time period, breaking the 1.1000 psychological resistance will be important for the bulls to continue controlling the trend. The EUR/USD currency pair may continue to move in narrow ranges, amid caution, until the markets and investors react to the announcement of US inflation numbers and the content of the minutes of the last meeting of the US Federal Reserve.

GBP/USD Technical Analysis: The Bulls are Struggling to Sell

In general, the continued decline by the pound sterling halted a rally dating back to the first days of March and the emergence of stability risks in the US banking sector, which since then led financial markets to bet on an almost imminent reversal of the US interest rate cycle.

• For four trading sessions in a row, the GBP/USD currency pair was exposed to profit-taking sales, which I often mentioned the possibility of occurring at any time.
• As a result, the currency pair bounced down to the level of 1.2344, and its recent gains affected the resistance level of 1.2525, its highest since June 2022.
• The currency pair stabilizes around 1.2385 at the time of writing the analysis, waiting for anything new.

GBP/USD Technical Outlook:

According to the performance on the daily chart, and despite the recent move, the general trend of the GBP/USD pair still has a chance to rise, as the resistance is still 1.2400. There will be no actual reversal of the general trend without the bears moving in the currency pair below the 1.2270 support level, and on the other hand, the price will return above the 1.2525 resistance.

It paved the way for a strong bullish move, and at the same time moved the technical indicators toward overbought levels. I still prefer to sell the pound/dollar from every rising level. The currency pair will be affected today by statements by US Federal Reserve officials and the performance of global financial markets.

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