EUR/USD is currently trading with a bearish bias. Yesterday, instead of going long as previously
forecasted, the pair rallied to the lower side and ended up closing below a key support
level 1.1159. Although we expect further movements to the lower side, we are waiting
for minor retracements to the upper side to give us low risk sell opportunities. This
view remains valid as long as the pair trades below 1.1159, a clear breakout above this
level may invalidated the anticipated upward rally. Trade Euro alongside EUR/HKD, GBP/
USD and AUD/USD. These pairs have a strong positive correlation of up to +0.96 and will
The pound slipped lower against the U.S. dollar on Thursday, as investors remained cautious
ahead of the Bank of England’s policy decision, due later in the day, amid mounting
expectations for a rate cut.GBP/USD hit 1.3279 during European morning trade, the session
low; the pair subsequently consolidated at 1.3301, shedding 0.18%.Cable was likely
to find support at 1.3169, the low of August 2 and resistance at 1.3480, the high of July
15.The BoE was expected to lower interest rates by 25 basis points later Thursday, as a
string of downbeat economic reports from the U.K. recently sparked concerns over the
outlook for growth.Meanwhile, the dollar remained mildly supported after payroll processor
ADP said on Wednesday that the U.S. private sector added 179,000 jobs last month,
surpassing expectations for an increase of 170,000.
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