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The GBP and the Euro attempting to move higher;

Jul 11, 2019 (09:13)

by John Knobel

FX Market Update

Big price action across FX markets; US dollar falls on expectations of pending US interest rate cut

USD weakening after yesterday’s US Fed FOMC Meeting Minutes indicated high chance of interest rate cut this month;
EUR/USD + 90 pips last 3 days; attempting to re-start uptrend; current price 1.1273; upside potential 1.1450; downside 1.1150;
GBP/USD bounces +100 pips off two year low; 1.2440 support; current price 1.2535; the pair looks to be aiming for a test of the 1.2590 resistance; prospects Boris Johnson may be next UK Prime Minister also helping to lift the GBP/USD;

Charts

GBP / USD finds support at 1.2440; current price at 1.2538 aiming to challenge the 1.2590 resistance; a break above could result in momentum trading higher provided 1.2590 can managed to be established as new key support; downside risk remains provided price fails to hold above the 1.2440 support;

EUR/USD attempting to re-start multi-month uptrend; the fact the price has re-entered the uptrend price channel (see chart) and that price is trading above its 4,9 and 18 period moving averages indicates that price may be attempting to re-start the prevailing uptrend; supports at 1.1190 and 1.1150; upside seen near 1.1450 provided price can hold above supports;

Source: FXGM / Bloomberg

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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