As for the U.S. debt ceiling deal, it passed through the House of Representatives late Wednesday, which translated into chopping swings again, and will now go to Congress for approval. The uncertainty around the question what will follow after a debt deal in terms of interest rates could continuously translate into choppy trading conditions.
The cable’s support at around 1.23 has proved to hold so far. Provided that sterling remains above 1.2350, we could see a recovery towards 1.2550 and possibly even 1.26. However, we bear in mind the potential for choppy trading conditions and the fact that the pair is approaching overbought territory.
The euro slipped towards a low of 1.0635, touching the lower descending trendline of its current downtrend channel. We may now see some reversal towards 1.0750-70.
Daily Forex and DAX Signals:
If you are keen to know where we put Take-Profit and Stop-Loss, if we trade on a specific day or not and how we manage open positions, subscribe to our signals.
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.
We wish you good trades!
Any and all liability of the author is excluded.
Copyright © All Rights Reserved 2023 MaiMarFX.
Follow us on social media: