EUR/USD and GBP/USD Forecast July 9, 2019
The British pound went back and forth during trading on Monday as we continue to hover just above the 1.25 handle. This of course is a large, round, psychologically significant figure, and it is of course an area that attracts a lot of attention. This is a longer-term support and resistance area, so don’t be surprised at all to see a lot of choppy in this region. If we were to break down below the lows from late last year, that opens up the door to much lower pricing, perhaps the 1.2250 level. Ultimately, I do think that the buyers will probably jump back into this market and try to push higher. Keep in mind that the Federal Reserve is likely to cut interest rates, and of course the entire world assumes that will happen during the month of July. If that happens, we could see greenback weakness, and therefore we could a bit of a bounce in this pair as it could be a bit of sympathy when it comes down to the pair. Overall, I believe it’s going to take a large amount of downward pressure to finally break down but at this point it’s very likely that the Brexit headline or at least headwind to any upward pressure. for more analysis: http://www.dailyforex.com
The British pound went back and forth during trading on Monday as we continue to hover just above the 1.25 handle. This of course is a large, round, psychologically significant figure, and it is of course an area that attracts a lot of attention. This is a longer-term support and resistance area, so don’t be surprised at all to see a lot of choppy in this region. If we were to break down below the lows from late last year, that opens up the door to much lower pricing, perhaps the 1.2250 level. Ultimately, I do think that the buyers will probably jump back into this market and try to push higher. Keep in mind that the Federal Reserve is likely to cut interest rates, and of course the entire world assumes that will happen during the month of July. If that happens, we could see greenback weakness, and therefore we could a bit of a bounce in this pair as it could be a bit of sympathy when it comes down to the pair. Overall, I believe it’s going to take a large amount of downward pressure to finally break down but at this point it’s very likely that the Brexit headline or at least headwind to any upward pressure. for more analysis: http://www.dailyforex.com