Mike Paterson’s daily Forex brief
More of the same in the past 24 hours, with the Pound generally undermined and the Euro still on the up, although we’re still seeing good two-way business.
EURUSD has continued to find good support in the dips and is trying to test the next strong resistance at 1.3400. EURGBP fell back yesterday a little too but similarly moved back up to breach 0.8500 (GBPEUR down to 1.1755) as the Pound failed to attract any fresh buyers in this risk-on environment.
In the last half hour or so though we have seen a small GBP correction following the final GDP revision showing nothing worse than we already knew at –0.2% for Q4. GBPUSD has climbed above 1.5800 and EURGBP has fallen back to 0.8472 (1.1803) as I type. Elsewhere the Pound has also firmed a little.
Nothing much else to report apart from USDJPY breaking higher again through the next key level of 80.50 and if we close above here there is technical analysis to support a long term continuation of this trend.
Little in the way of data left this morning but this afternoon brings us some US news to keep things ticking over amongst the usual Friday fare.
Have a good week-end everyone.
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