Thursday’s best performer was the British pound which broke upward through the 1.25-resistance. The next barrier will now be at 1.2582 and the pound must overcome this hurdle in order to boost bullish momentum towards 1.2680 and 1.2770. The recent rise can be attributed to the declining demand for U.S. dollars rather than sterling strength. For dollar bulls to regain attention, the pound will need to fall back below 1.2415. As long as the GBP/USD remains trading above that level, we shift our focus to a break of 1.2582/1.26.
The EUR/USD trended upwards but the upward movement was limited to a daily high of 1.0595. With no major market movers scheduled for release today, the euro might extend its gains towards 1.0620 on a weakening dollar. Euro bears shall however focus on a renewed break below 1.0540.
U.S. New Home Sales due at 15:00 UTC will be of secondary importance.
We wish you good trades and a wonderful weekend!
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