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The news recently have supported USD rebound from the lows. EUR and GBP have dropped significantly and paused to collect more buyers. A random consolidation could last a few days. Only a break of the alredy established lows yesterday should produce a valid short signal. EUR has attempted to breakdown the lows but failed. Another leg down in EURUSD should target 1.16 and in GBPUSD 1.29.
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GBP forecast
GBP has made a big advance in sync with other currencies against USD. This has happened despite neutral or even negative economic news from the UK. Next week the market sentiment can change as more economic data is coming for GBP. Namely, U.K. Inflation on Tuesday has a main impact on the next GBP swing. Technically, GBP has broken out of the range. No visible close resistance is in sight. Monday should see a retracement of GBPUSD to 1.30 in anticipation of the Tuesday news. Trade could be made …
GBP direction
No major news for today on the calendar apart from German IFO business climate. The upward momentum is very strong for EUR, I do not expect any significant EUR decline even in case of a sad IFO release. The main driver for all currency pairs will be FOMC minutes tomorrow. GBP is more challenging on the chart. From 20 Apr the GBPUSD pair has consolidated and slowly climbed up for 300pips which is a joke for a monthly GBP price action. The currency pair sits between 1.275 and 1.305 barriers. A bre…