30-July-2018 International Forex
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International Forex INTERNATIONAL CURRENCY BUZZ Forex - Dollar Falls Despite Strongest US GDP Growth in Nearly Four Years Forex - GBP: Bank of England to Reveal All Next Week Forex - EUR/USD recovers modestly on Friday, remains in a range GBP/USD The GBP/USD pair managed to bounce off lows, albeit held on to its daily trading range following the release of US GDP print. The pair stalled overnight retracement slide from levels beyond the 1.3200 handle and found some support at lower levels after the advance US GDP report showed that the US economy expanded at an annualized pace of 4.1% during the second quarter of 2018. Although the headline reading was better than 2.0% growth recorded in the previous quarter, it wasn't enough to provide any meaningful lift to the US Dollar and helped the pair to rebound from an intraday low level of 1.3082. The data, however, cemented expectations for a gradual Fed rate hike through the end of this year and thus, did little to prompt any aggressive USD selling. Moreover, investors also seemed to refrain from placing aggressive bets ahead of the highly anticipated BoE monetary policy update next week. EUR/USD The EUR/USD pair rebounded on Friday after US economic data but is still headed toward a negative weekly performance. After the ECB and US GDP data, it remains in a range, moving sideways, although closer to the lower bound. On Friday, the US dollar corrected to the downside, after rising on Thursday and pushed EUR/USD to the upside. Before the recovery, the pair bottomed at 1.1619, the lowest since July 19. The pair found resistance at 1.1660 and it is about to end the week, moving between that level and 1.1645, down 60 pips from the level it had a week ago. Despite the ECB decision and US data, EUR/USD continues to move within a small range. The para managed to avoid a daily close under 1.1630 that would point to more losses. To the upside, immediate resistance is seen at 1.1680/90, the 20-day moving average. Above that level, around 1.1740, a horizontal level, is also a downtrend line: a break higher would open the doors for a test of July highs (1.1790) and even 1.1850.
International Forex DAILY ECONOMIC DATA
International Forex EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.3033 Resistance: 1.3253 RECOMMENDATION: BUY GBPUSD ABOVE 1.3140 TGT 1.3160 1.3190 SL 1.3110 SELL GBPUSD BELOW 1.3080 TGT 1.3060 1.3030 SL 1.3110
International Forex EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1570 Resistance: 1.1780
RECOMMENDATION: BUY EURUSD ABOVE 1.1680 TGT 1.1700 1.1730 SL 1.1650 SELL EURUSD BELOW 1.1630 TGT 1.1610 1.1580 SL 1.1660
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