Euro and GBP Remains Strong Against the US Dollar on Upbeat News | IFCM
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Euro and GBP Remains Strong Against the US Dollar on Upbeat News - 28.11.2013

During Wednesday and overnight trading the British pound was spotted as the winner of the major currency pairs, underpinned by optimistic GDP data for the third quarter. The GBPUSD violated key upside cap at 1.6256 and surged to resistance at 1.6327. At the same time the Euro was rising against the greenback as well, lifting to 1.3613 on Merkel political coalition agreement with the Social Democratic Party establishing a government after two months of talks.


The Euro as opposed to the British pound retreated from 0.8390 to major support at 0.8315, indicating sterling’s strength. In today’s trading we would be cautious in trading GBP pairs ahead of the Bank of England Governor’s speech for Financial Stability where further clues on monetary policy could be revealed. Technically the cross pair is in a downtrend and for that reason we would expect selling pressure to remain firm during the intraday.


EURGBP
EURGBP


Elsewhere, the Japanese Yen attempted to retake some of its lost territory with the USDJPY falling to 101.90 but now the pair is retesting previous high at 102.29 as NIKKEI 225 jumped by 1.80% due to a series of upbeat data from US to Australia. The Aussie against the US dollar clawed back recently lost ground to resistance at 0.9140 amid improving Australia’s Business Confidence in November and higher than projected Private Capital Expenditure in the third quarter. Our expectation is that the USDJPY would continue its upside development and the AUDUSD would remain bearish but in today’s trading currencies might pause on thanksgiving holiday.
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