The cable tested the 1.3550-resistance area again but bullish momentum was not strong enough for a push higher towards 1.36. In case of a break above 1.3575, we expect the GBP/USD to head for a test of 1.36 and possibly even 1.3625. Falling however below 1.34, the sentiment could change in favor of the bears.
The EUR/USD trended downwards toward 1.1260. For bearish momentum to gain strength we will wait for a sustained break below 1.12.
On Friday we will have fresh U.S. payrolls data from December that could shed more light on the Federal Reserve’s potential pace of rate hikes. The Fed is expected to raise rates at least three times beginning in May to counter price pressures.
In terms of market moves, we will also keep an eye on today’s FOMC meeting minutes.
DAX – Stabilization above 16000 fuels hope for bulls
Our long entries have proved highly profitable over the last two days. The index stabilized above the crucial 16000-mark and thus bulls have an eye on a potential break of the 16300-high. As long as 16000 holds, there might be nothing in the way of a higher target at 16650. A break below 16000 and further 15700 will however turn our focus to lower targets around 15300.
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