Going into Wednesday and looking at the technical picture, not much has changed.
Bulls in the GBP/USD still face the 1.3650-hurdle. We continue to watch out for a break above 1.3670-80 in order to anticipate further gains towards 1.3750 and 1.3850. On the downside, a renewed break below 1.3570 could see a continuation of the cable’s steeper decline targeting at 1.34.
The EUR/USD remained trading in a very narrow range between 1.1615 and 1.1580. Buyers should keep watching out for a sustained break above 1.1610 now with a next bullish target at 1.1670. A break below 1.1580 on the other side could increase chances for accelerated bearish momentum.
The DAX remained below 15200 but as well above the psychologically important 15000-mark. A break below 14950 could see a dip towards 14900 whereas a rise above 15300 may prompt bulls for a test of 15500.
Traders are awaiting the U.S. labor market data on Friday and today’s ADP Nonfarm Employment Change scheduled for release at 12:15 UTC may provide a foretaste of what to expect from Friday’s report.
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