30 Jul – 03 Aug 2018 WEEKLY INTERNATIONAL FOREX
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WEEKLY INTERNATIONAL FOREX INTERNATIONAL CURRENCY BUZZ Forex - Dollar Falls Despite Strongest US GDP Growth in Nearly Four Years Forex - EUR/USD recovers modestly on Friday, remains in a range Forex - GBP/USD: Recovery finds resistance at 1.3130 GBP/USD
The GBP/USD pair erases daily losses during the last hours and despite US economic data, it was still trading almost a hundred pips below yesterday’s highs. The slide from levels on top of 1.3200 found support today at 1.3080. From that area, GBP/USD bounced to the upside and recently printed a fresh daily high at 1.3129. As of writing was trading at 1.3110/20, modestly higher for the day. The recovery was boosted by a correction of the US dollarafter Thursday’s rally. The move took place even after positive US data. The economy expanded at 4.1% during the second quarter, the highest rate since 2014. Price indexes rose below expectations. On another report, the Consumer Confidence Index elaborated by the University of Michigan rose to 97.9 in July from 97.1. EUR/USD 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. The economic calendar next week shows a serious of relevant events that could favor an increase in volatility, particularly after the limited price action moves seen during the last five days.
WEEKLY INTERNATIONAL FOREX WEEKLY ECONOMIC DATA
WEEKLY INTERNATIONAL FOREX EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.2791 Resistance: 1.3465 RECOMMENDATION: BUY GBPUSD ABOVE 1.3220 TGT 1.3260 1.3360 SL 1.3100 SELL GBPUSD BELOW 1.3060 TGT 1.3020 1.2920 SL 1.3120
WEEKLY INTERNATIONAL FOREX EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1508 Resistance: 1.1852
RECOMMENDATION: BUY EURUSD ABOVE 1.1750 TGT 1.1790 1.1890 SL 1.1700 SELL EURUSD BELOW 1.1610 TGT 1.1570 1.1470 SL 1.1660
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