Yesterday the EURUSD managed to rise and GBPUSD showed mixed sentiment. Today both currency pairs are falling deeply, though. From the data front, all eyes will be focused on the Bank of England interest rate decision and press conference. Anyway, let’s move on to the analysis:
EURUSD
Yesterday was a really volatile session. First, during the Asian trading session, the EURUSD managed to rise above 1.097. Then, during the European trading session, the price went down below 1.095. However, it rose above the R1 resistance level and 1.10 in the afternoon. After that, during the American trading session, the price dropped below the Pivot Point. In the evening, it went up once again, though. In consequence, the EURUSD finished the session a little above 1.098.
However, it is falling deeply today. The price is already below the S1 support level and 1.094. If the buyers don’t generate some serious appetite soon, the price could even drop to 1.091 today. But if they do, the price might return above today’s S1 and reach 1.095.
GBPUSD
The GBPUSD also was really volatile yesterday. First, during the Asian trading session, the EURUSD managed to rise above 1.264. Then, during the European trading session, the price went down below 1.261. However, it rose above 1.267 in the afternoon. After that, during the American trading session, the price dropped below 1.261 once again. In the evening, it went up one more time, though. In consequence, the GBPUSD finished the session a little above the EMA 77 and 1.262.
However, it is falling deeply today. The price is already below 1.258. If the buyers don’t generate some serious appetite soon, the price could even drop to 1.255 today. But if they do, the price might return above 1.26.
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