Buyers in both EUR/USD and GBP/USD were able to profit Wednesday with the euro and cable continuing their recent upward movements on weaker than expected ADP data, which is as a foretaste of NFP job numbers tomorrow. Both of our long entries have thus proved profitable.
The pair formatted a short-term upward channel that now ranges from 1.1790 to 1.1875. We continue to see an important resistance area between 1.1880-1.1920. On the bottom side, we will keep an eye on a break below 1.1790 which could lead to a fall towards 1.1735 and 1.17.
We expect the pair to trade between 1.3820 and 1.3730. A break below 1.3725 could spur bearish momentum towards 1.3650. Sterling bulls on the topside could wait for a break above 1.3830 in order to anticipate higher targets at around 1.3880.
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