Trading has been quiet on Monday with both pairs consolidating within tight ranges. While the EUR/USD headed for a test of 1.19 providing short traders a small profit, trading the GBP/USD was a little choppy and left much to be desired.
GBP/USD: The short-side continuation proved to be a challenge in this pair after a crucial support was marked at 1.35. However, as long as the cable remains below 1.3590 we favor the downward movement.
EUR/USD: The euro was able to hold above 1.19, at least for the time being. For bearish momentum to accelerate we will wait for the price to drop below 1.1880. As mentioned in yesterday’s analysis, euro bulls should better wait for a break above 1.20.
There are no interesting reports scheduled for release today. Fed’s Chairman Powell will speak at an event in Zurich at 7:15 UTC, but his speech may have no direct impact on the dollar.
In terms of global political risk, the U.S. dollar could be moved by U.S. President Trump’s Iran deal decision today at 18:00 UTC. Trump will announce whether the U.S. will leave the 2015 Iran nuclear agreement.
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