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Hi everybody and welcome back! As we comment yesterday in the Daily Wrap Up Webinar, European majors remained in range past Asian session, thus fears of a dovish FED’s statement is favoring greenback since early Europe; besides, early data show U.K. unemployment rate rose to 7.7%, while industrial production in the euro zone fell to -0.6%, putting extra pressure on both currencies. Now, the BOE inflation report in the U.K. is showing that England expect a slow economic recovery, unemployment to continue rising, while Governor King stated that they extend QE because they saw downside risks to inflation; Gbp is under 1.6430, previous day’s floor and barely holding above the long term ascendant trend line coming from March 11th from 1.36 lows that already tested early today. Will be quite a busy day, so let’s star with the calendar, and move to currencies as quick as possible.
http://www.fxstreet.com/fundamental/economic-calendar/
Have a great day!
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Don’t you expect a correction fr GBP/USD &EURO/USD before further fall.
thanks
Hi ejthekkan! I will be publishing them both in a few minutes. Thus I see strong support levles for Euro at 1.4080, and for Gbp at a daily ascendant trend line around 1.6380. Under those levels, dollar will made the day, and correcctions will come later during Asia, thus of course limited to that zones. To see interesting upside corrections, I would like to see Euro above 1.4200 and Gbp at least above 1.6520/50 zone.
Thanks a lot for clear and quick reply. I used to read your postings and found to be very useful.
Keep it up
Hi ejthekkan and really thanks for your comment. Feedback is always great!
Regards
Val