somrat4030
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Intraday bias in GBP/USD remains neutral for the moment. Consolidation from 1.3351 is still in progress and could extend further. But upside of recovery should be limited below 1.3606 resistance to bring down trend resumption. On the downside, break of 1.3351 will extend the decline from 1.4248 to 1.3164 fibonacci level next.
Moreover, GBP/USD turning lower from 61.8% Fibonacci resistance.
GBP/USD has started to weaken after a rally into the 61.8% Fibonacci resistance level at $1.351.There is still a chance of a deeper retracement into the 76.4% Fibonacci level. In any case, a bearish outlook holds until we see the $1.3607 level broken.
On the other hand, EUR/GBP extends its aggressive rejection from its 200-day average at 0.8575 for a move to a new low for the year. Analysts at Credit Suisse look for a test of long-term support at the 2019 and 2020 lows at 0.8281/39.
Resistance at 0.8463/68 set to cap
"EUR/GBP keeps the immediate risk lower for a test of 0.8339/32 next and eventually pivotal long-term support from the 2019 and 2020 lows and the 50% retracement of the upmove from 2015 at 0.8281/39."
Euro tilted lower in Asian trade against dollar ahead of a host of data from the euro zone and amid a lack thereof from the US.
As of 05:25 GMT, EUR/USD fell 0.15% to 1.1355, with an intraday low at 1.1352, and a high at 1.1373.
European Central Bank President Christine Lagarde is expected to present important remarks later, while current account data for the euro zone will be released today as well.
Deutsche Bundesbank President Jens Weidmann is also due to speak at the Frankfurt European Banking Congress.
On the other hand, Regarding the Fed Chair pick, bookmakers still favour Powell's reappointment, however, Brainard has closed the gap in recent weeks. Should Brainard get the nod, expect an initial kneejerk reaction with USD lower, gold and equities higher on the perception that Brainard is more dovish than Powell. However, the initial market reaction is likely to be faded rather quickly, given that whoever is at the helm is unlikely to alter the direction of Fed policy.
Elsewhere, a surge in Covid cases is another factor weighing on the Euro as parts of Europe respond by renewing restrictive measures with Austria announcing a hard 20-day lockdown from next week. The concern of course, is the spread of the virus to neighbouring countries, particularly now that the German Health Authorities cannot rule out another lockdown.
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