EUR/USD: Neutral: Increased downside risk but bearish only if below 1.1160. As highlighted yesterday, while the short-term risk is on the downside, we prefer to see a clear break below 1.1160 before turning bearish. EUR dipped to a low of 1.1156 but rebounded quickly. However, the undertone remains weak and unless EUR can move and stay above 1.1240, the predominating risk is still on the downside. GBP/USD: Shift from bullish to neutral: In a 1.2980/1.3210 range. The drop back below 1.3100 yesterday indicates that our recent expectation for GBP to extend higher to 1.3370 was wrong. From here, the outlook for GBP is ... (full story)