The British pound further weakened and we got what we were looking for in yesterday’s analysis: a breakout of a symmetrical triangle even if it was a relatively small bearish breakout with losses being limited to a low of 1.3357. If the pound remains below 1.34 we expect further bearish momentum driving GBP/USD towards 1.33. For the short-term bias to shift from bearish to slightly bullish it would need a sustained break above 1.35. A higher target would then be at 1.3650.
There was little movement in the EUR/USD Wednesday while none of our entries was triggered. The euro dropped below 1.18 but found some halt at 1.1780. Whether we will see further losses towards 1.17 remains to be seen and hinges on the risk appetite for dollars ahead of tomorrow’s NFP report. For bullish momentum to accelerate it would require a break above 1.1920.
ECB President Mario Draghi will hold a press conference as Chair of the Group of Governors and Head of Supervision (GHOS) today at 16:00 UTC. If he touches on monetary policy the euro could respond with some volatile swings.
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