Even though Federal Reserve Chair Jerome Powell maintained his hawkish stance that the inflation fight ‘has a long way to go’ and that more rate hikes are expected, the U.S. dollar failed to move higher. Instead, the euro flirted with the 1.10-area against the greenback and traders thus, brace for a next leg higher towards the resistance zone at 1.11.
Yesterday’s correction in the cable stopped at 1.2690. We still expect a short-term support to lie at 1.2660. The Bank of England is expected to raise rates today at 11:00 UTC by 25bp. For a chance of a profitable bullish breakout, however, we would wait for the price to exceed the 1.2860-area.
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Our trading ideas for today 22/6/23:
Long @ 1.2775
Short @ 1.2735
Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.
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