Euro And Pound Depreciate Against U.S. Dollar
Dear Traders,
Monday’s worst performing currency was the British pound which fell towards 1.3250 after weak U.K. manufacturing figures prompted concerns over the country’s health. The GBP/USD extended its slide this morning and tagged a low at 1.3229. On the other side, a stronger U.S. dollar contributed to the cable’s decline. After testing the crucial support area around 1.3230/1.32, we will shift our focus now to a significant break of that support-zone which could lead to further losses towards 1.3150 and 1.3050. With GBP/USD remaining below 1.34 we generally favor the bearish bias in short-term time frames.
The U.K. Construction PMI report is scheduled for release at 8:30 UTC, but this report is not expected to have a major impact on the pound.
The euro extended its slide against the greenback and fell towards 1.17. The U.S. dollar’s recovery was bolstered by a stronger ISM manufacturing sector activity index, which hit a 13-year high. As mentioned in our yesterday’s analysis we still wait for a significant break below 1.1680 in order to anticipate further losses in the EUR/USD.
There are no major economic reports scheduled for release today, so the price action could hinge on the appetite for dollars.
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