In this video, the Trader Guy looks at the currency pairs, EUR/USD and GBP/USD for the July 12th session.
EUR/USD — We did fall initially, but we bounced enough to form a hammer. Now, having said that, I think we are still very much consolidated with 1.12 as the ceiling and 1.10 as the floor. I think any rally that shows signs of exhaustion, I am willing to sell, because the EU has obviously lots of issues in it. I do think that eventually we will go to 1.05 as the dollar will get a bit of a safety bid.
GBP/USD — We initially fell and then turned right back around to form a bit of a hammer. If we can break above the 1.30 level, we have a resistance zone above starting from 1.33 to 1.35. Above 1.35, there is a nice gap. So, really I am not interested in buying until we get above the 1.3650 level. I think any rally at this point that shows signs of exhaustion is a nice selling opportunity. The pound is going to continue to go lower after the Brexit vote.
© Prabhu for Forex Videos, 2016. |
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