The EUR/USD climbed to 1.2500 as the Dollar experienced a huge sell off. Bearish sentiment halted, however, as stronger than expected U.S. ISM manufacturing data was released, pushing the price back down to its current level of 1.2460. Janet Yellen, the head of the Federal Reserve will be speaking at 1.30 PM (GMT) and two other speeches are also expected from FOMC members Fisher and Brainard. The speeches are not expected to have a significant impact and as no important economic data will be released, we expect the pair to trade between 1.24 and 1.25.
The movement is sideways. Support is found at 1.2400 and resistance at 1.2540.
On Monday, the GBP/USD climbed 160 pips and broke through its resistance at 1.5740. Bullish sentiment continued and the pair reached a high of 1.5760. Positive momentum was caused by strong UK Manufacturing PMI data which dampened fears that the economic recovery is slowing. Several analysts, however, still predict that the pair will trade below 1.50 by the end of the year.
Traders should focus on the U.K. Construction PMI data will be released at 9.30AM (GMT). The trend is slightly bearish but this could change if the data is strong. Support is found at 1.5690 and resistance at 1.5780.
December 2, 2014 – Forex News
Hot asset for today: GBP/USD
EUR/USD
The EUR/USD climbed to 1.2500 as the Dollar experienced a huge sell off. Bearish sentiment halted, however, as stronger than expected U.S. ISM manufacturing data was released, pushing the price back down to its current level of 1.2460. Janet Yellen, the head of the Federal Reserve will be speaking at 1.30 PM (GMT) and two other speeches are also expected from FOMC members Fisher and Brainard. The speeches are not expected to have a significant impact and as no important economic data will be released, we expect the pair to trade between 1.24 and 1.25.
The movement is sideways. Support is found at 1.2400 and resistance at 1.2540.
GBP/USD
On Monday, the GBP/USD climbed 160 pips and broke through its resistance at 1.5740. Bullish sentiment continued and the pair reached a high of 1.5760. Positive momentum was caused by strong UK Manufacturing PMI data which dampened fears that the economic recovery is slowing. Several analysts, however, still predict that the pair will trade below 1.50 by the end of the year.
Traders should focus on the U.K. Construction PMI data will be released at 9.30AM (GMT). The trend is slightly bearish but this could change if the data is strong. Support is found at 1.5690 and resistance at 1.5780.
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