Yesterday, the EUR/USD pair ranged in narrow channel between 1.3510 and 1.3550. The pair did not experience higher volatility as we expected due to the fact that there were no economic data to be released. Today the situation should be different because the U.S. CPI data are coming out. At 12.30PM (GMT) the inflation data are expected to show 0.3% increase. If the data shows higher number we should see some downward tension in the pair and probably testing its support. We should also keep an eye on the U.S. treasury yields which positively influencing dollar. The movement is sideways. The support is lying at 1.3490 and resistance at 1.3550.
The GBP/USD pair has been decreasing for past 4 trading days and already erased about 120 pips from the 6 year maximum reached last week. However, today we might see that the pair will rebound and climb back up above 1.7100. The reason for the uptrend might be the U.K. Public Sector Net Borrowing index which is coming out at 8.30AM (GMT) or U.K. CBI Industrial Order Expectations index which will be announced at 10.00AM (GMT). Those data will probably open the speculation over tomorrow Monetary Policy Committee reports and press conference of Mark Carney. The trend is slightly bullish. The support is lying at 1.7030 and resistance at 1.7100.
July 22, 2014 – Forex News
Hot asset for today: GBP/USD
Yesterday, the EUR/USD pair ranged in narrow channel between 1.3510 and 1.3550. The pair did not experience higher volatility as we expected due to the fact that there were no economic data to be released. Today the situation should be different because the U.S. CPI data are coming out. At 12.30PM (GMT) the inflation data are expected to show 0.3% increase. If the data shows higher number we should see some downward tension in the pair and probably testing its support. We should also keep an eye on the U.S. treasury yields which positively influencing dollar. The movement is sideways. The support is lying at 1.3490 and resistance at 1.3550.
The GBP/USD pair has been decreasing for past 4 trading days and already erased about 120 pips from the 6 year maximum reached last week. However, today we might see that the pair will rebound and climb back up above 1.7100. The reason for the uptrend might be the U.K. Public Sector Net Borrowing index which is coming out at 8.30AM (GMT) or U.K. CBI Industrial Order Expectations index which will be announced at 10.00AM (GMT). Those data will probably open the speculation over tomorrow Monetary Policy Committee reports and press conference of Mark Carney. The trend is slightly bullish. The support is lying at 1.7030 and resistance at 1.7100.
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