Challenging Trading While EUR/USD And GBP/USD Consolidate

Dear Traders,

Amidst Tuesday’s consolidation phase with both EUR/USD and GBP/USD fluctuating sideways within tight trading ranges, we have suffered some losses with our daily signal entries. Any attempt to buy euros or pounds at lower price levels has failed. We hope for better trading opportunities within the next 48 hours and will keep an eye on the technical barriers.

EUR/USD: If the pair is able to overcome its short-term hurdle at 1.1835/40, we may see a run for 1.1880. On the downside, we will wait for a significant break below 1.1790 but bearish momentum may be limited to 1.1770/60.

GBP/USD: The cable was confined to a narrow trading range between 1.3245 and 1.3195. Sterling bears should keep an eye on price drops below 1.3190 and 1.3150 whereas on the other side, a renewed upside break above 1.3225 may send the pound soaring towards 1.3265.

Interesting data points for today:

8:30 UK Construction PMI

12:15 USA ADP Employment Change

(Time zone UTC)

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