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EUR/USD, GBP/USD in process of topping out while EUR/GBP stabilizes?

EUR/USD, GBP/USD could be in process of topping out after US non-farm payrolls as EUR/GBP sees a minor bounce.

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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/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

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.

EUR/GBP chart Source: TradingView.com
EUR/GBP chart Source: TradingView.com

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.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

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