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Pound Marks Support At $1.34- But For How Long?

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Dear Traders,

The U.S. dollar initially rose against the euro and British pound Monday morning but then ended the trading day virtually unchanged. Given these limited bearish movements, there wasn’t much to gain for short traders.

The cable has pushed down to a low of 1.3390 but the pair was able to stabilize above 1.34. Whether the 1.34-barrier will hold, remains to be seen but as long as GBP/USD remains below 1.35 we generally maintain a bearish stance in this pair. A significant break above 1.35 would shift the focus back to a previous sideways trading range between 1.36-1.35.

BoE Governor Carney will testify before parliament this morning at 8:15 UTC. Any new comments on inflation or monetary policy changes could get the pound moving.

The euro bounced off the 1.1715-level and corrected previous losses towards 1.18. The downtrend is still intact and as long as EUR/USD remains below 1.1850 we anticipate lower supports to come in at 1.1680 and 1.16.

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Euro And Cable: Sideways Trend As Major Market Movers Lack

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Dear Traders,

With U.S. markets shut on Monday, we had a pretty quiet market and low market volatility. Thus, any larger market movements were lacking and both of our major currency pairs fluctuated in narrow sideways trading ranges.

During Asia-Pacific trading hours the euro finally dropped below 1.06 and is now within its support area between 1.0580 and 1.0560. Given the recent bearish momentum the euro may extend its losses towards 1.0550 but in short-term time frames the single currency is in an oversold territory which is why we could see some pullbacks today. Current resistances are seen at 1.06 and 1.0635 from where sellers may jump back in.

German and Eurozone PMI reports are scheduled for release at 8:30 and 9:00 UTC but these reports are not expected to have a significant impact on the euro.

The British pound was unable to break through the 1.2480-barrier and finally gave up its modest gain, sliding back towards 1.2430. If the pound falls below 1.2425, we may see further losses towards 1.24 and possibly even 1.2350. Sterling bulls should however wait for prices above 1.2480 in order to buy sterling towards 1.2550.

Bank of England Governor Mark Carney will testify before the U.K. Parliament at 10:00 UTC and his comments could have an impact on the pound’s price action.

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co