GBPUSD is following a downtrend course.

September 03

05:412014

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👤by FX Wizards TA

	EURUSD	H4
Resistance	1.3142	1.3152	1.3168
Support	1.3115	1.3099	1.3089
Primary Scenario	The pair has been trapped between the barriers at 1.3115 and 1.3142. Any decisive movement downwards, will push prices to violate the support level at 1.3115, targeting the next support at 1.3099.
Alternative Scenario	A higher thrust of the market will lead EURUSD to penetrate the daily pivot at 1.3125 and then higher to 1.3142.

	GBPUSD	H4
Resistance	1.6565	1.6663	1.6712
Support	1.6418	1.6369	1.6272
Primary Scenario	GBPUSD is following a downtrend course. Should the pair manage to breach the support at 1.6418, it will move lower to meet the next target at 1.6369.
Alternative Scenario	A surge of the exchange rate, will put pressure for the market to climb towards the daily pivot at 1.6516. Bear in mind that RSI oscillator is trading within an oversold area.

	USDCHF	H4
Resistance	0.9204	0.9220	0.9228
Support	0.9180	0.9172	0.9156
Primary Scenario	Having reversed from the previous peak, USDCHF is now negotiating below the daily pivot (0.9196). A sustained trading below this level, implies bearish outlook and the next supports are seen at 0.9180 and 0.9172.
Alternative Scenario	If the pair manages to withstand the bears’ pressure, it will exceed the daily pivot and will retest the hurdle at 0.9204.

	USDJPY	H4
Resistance	105.41	106.07	106.54
Support	104.78	104.43	103.92
Primary Scenario	USDJPY proceeded to a fresh high at 105.30. If the pair achieves to extend its uptrend, it will fuel the rate further towards the Fibonacci resistance level 161.8% at 105.41 and even higher at 106.07.
Alternative Scenario	A fruitless attempt to move higher, will bring the market into a correction phase. The forthcoming supports are 104.78 (Tenkan-sen) and 104.43 (Kijun-sen). RSI supports this scenario.

	AUDUSD	H4
Resistance	0.9316	0.9359	0.9384
Support	0.9248	0.9224	0.9180
Primary Scenario	AUDUSD is trading narrowly below the daily pivot at 0.9292. An impulsive movement downwards will trigger the market to find support at 0.9248 and then lower to 0.9224.
Alternative Scenario	If the pair manage to cross above the daily pivot, it will hit the resistance level at 0.9316 and even higher at 0.9359.