EUR/USD: Neutral: In a 1.0370/1.0600 range.
The unexpected surge to a high of 1.0651 last Friday coupled with the equally rapid reversal has resulted in a mixed outlook. We hold a neutral stance now and expect broad choppy sideways trading within a broad 1.0370/1.0600 in the coming days.
GBP/USD: Bearish: Diminished odds for further GBP weakness.
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The bearish phase that started about 2 weeks ago is still intact as long as 1.2400 is not taken out. However, downward momentum has waned with the sharp rebound last Friday and the odds for extension towards the next key level at 1.2150 are not high.
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