The U.S. dollar slightly advanced against the euro and British pound as investors assessed the impact of proposed tax cuts. The next big risk event on the calendar will be Friday’s U.S. jobs report while the release of the ADP Employment Change (due today at 13:15 UTC) may provide a foretaste of what to expect from Friday’s report.
The pound sterling fell to a low of 1.3370 amid stalled Brexit negotiations but it was finally able to end the trading day above 1.34. Brexit talks will continue today and as long as negotiations do not make sufficient progress the pound could remain under pressure.
Looking at the technical picture we currently see a higher likelihood of potential price breakouts. Based on a symmetrical triangle in the 4-hour chart, these breakouts could happen to either side. Above 1.3460 we anticipate accelerated bullish momentum driving the currency pair towards 1.3515. Below 1.3415 however, we will focus on further losses targeting at 1.3320.
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