10-09-2019, 11:13 AM
Technical Overview of GBP/USD and EUR/USD Currency Pair
GBP USD
GBP traded lower against USD and closed at 1.2217.
GBP/USD remains within its 1.1950-1.2600 September range, but the downside looks vulnerable unless there is a surprise Brexit breakthrough, or a rout in the USD.
Since becoming PM, Johnson has been accused of talking to his Brexiteer electorate, rather than negotiating with the EU. His repetition of key phrases such as the 'surrender bill', used to describe the law making a hard Brexit illegal on Oct 31, is a case in point - this strategy was successful in the 2016 Brexit referendum.
Johnson insists the UK will exit the EU without a deal on Oct 31, but he committed in court to respect the law.
The GBP/USD pair now seems to have entered a bearish consolidation phase and was seen oscillating in a narrow band just above one-month lows set in the previous session. The incoming Brexit headlines might continue to influence ahead of FOMC meeting minutes.
According to the Analysis, pair is expected to find support at 1.2199 and a fall through could take it to the next support level of 1.2174. The pair is expected to find its first resistance at 1.2281 and a rise through could take it to the next resistance level of 1.2306.
EUR USD
EUR traded higher against USD and closed at 1.0954.
EUR/USD is reporting moderate gains, having defended key MA support. Fed's Powell said the central bank's balance sheet will expand again. American Dollar may find bids if the Fed minutes highlight growing split among policymakers.
According to the Analysis, pair is expected to find support at 1.0945 and a fall through could take it to the next support level of 1.0932. The pair is expected to find its first resistance at 1.0987, and a rise through could take it to the next resistance level of 1.1000.
Important Economic Events of the Day
· USD: Fed’s Chair Powell Speech
· USD: FOMC Minutes
For More information about the release time of news and its impact visit Economic Calendar Page!
GBP USD
GBP traded lower against USD and closed at 1.2217.
GBP/USD remains within its 1.1950-1.2600 September range, but the downside looks vulnerable unless there is a surprise Brexit breakthrough, or a rout in the USD.
Since becoming PM, Johnson has been accused of talking to his Brexiteer electorate, rather than negotiating with the EU. His repetition of key phrases such as the 'surrender bill', used to describe the law making a hard Brexit illegal on Oct 31, is a case in point - this strategy was successful in the 2016 Brexit referendum.
Johnson insists the UK will exit the EU without a deal on Oct 31, but he committed in court to respect the law.
The GBP/USD pair now seems to have entered a bearish consolidation phase and was seen oscillating in a narrow band just above one-month lows set in the previous session. The incoming Brexit headlines might continue to influence ahead of FOMC meeting minutes.
According to the Analysis, pair is expected to find support at 1.2199 and a fall through could take it to the next support level of 1.2174. The pair is expected to find its first resistance at 1.2281 and a rise through could take it to the next resistance level of 1.2306.
EUR USD
EUR traded higher against USD and closed at 1.0954.
EUR/USD is reporting moderate gains, having defended key MA support. Fed's Powell said the central bank's balance sheet will expand again. American Dollar may find bids if the Fed minutes highlight growing split among policymakers.
According to the Analysis, pair is expected to find support at 1.0945 and a fall through could take it to the next support level of 1.0932. The pair is expected to find its first resistance at 1.0987, and a rise through could take it to the next resistance level of 1.1000.
Important Economic Events of the Day
· USD: Fed’s Chair Powell Speech
· USD: FOMC Minutes
For More information about the release time of news and its impact visit Economic Calendar Page!