EUR/USD is currently trading with a slight bearish bias. Yesterday, instead of going long as
previously forecasted, the pair retraced to the lower side but is currently bullish and may
head to our previously set target level 1.1034. Thus, during this intraday, as long as the pair
trades above 1.0991, we expect a possible bullish rally towards 1.1034 or even higher. This
pair should be traded alongside EUR/HKD, EUR/SGD, GBP/USD, AUD/USD and NZD/USD.
These pairs have a strong positive correlation of up to +0.86 and will have a similar price
action during this intraday
The pound slipped lower against the U.S. dollar on Wednesday, despite upbeat U.K. second
quarter growth data, as investors remained cautious ahead of the Federal Reserve’s
policy statement due later in the day and the Bank of England’s policy meeting next
week.GBP/USD hit 1.3106 during European morning trade, the session low; the pair subsequently
consolidated at 1.3113, slipping 0.14%.Cable was likely to find support at
1.2968, the low of July 12 and resistance at 1.3293, the high of July 22.The U.K. Office for
National Statistics said gross domestic product rose 0.6% in the three months to June,
above forecasts for growth of 0.4%. The U.K. economy grew by 0.4% in the previous quarter.Year-over-year,
U.K. economic growth expanded 2.2% in the second quarter, also above
the forecast for an expansion of 2.0%. The U.K. economy grew at an annualized rate of
2.0% in the first quarter.
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