Yesterday both EURUSD and GBPUSD rose significantly. Today both currency pairs are falling, though. From the data front, all eyes will be focused on the Bank of England interest rate decision and the press conference. Anyway, let’s move on to the analysis:
EURUSD
Yesterday was a really interesting session. First, during the early hours of the Asian trading session, the EURUSD dropped below 1.086 and reached the Pivot Point. Then, the price started rising. It went up above 1.087 at the beginning of the European trading session.
After that, the price started falling significantly. It even dropped below the S1 support level and 1.084 one hour before noon. Right after that, the price started rising strongly. In consequence, the EURUSD finished the session above the R2 resistance level and 1.093.
During today’s Asian trading session, the price managed to rise above 1.094. Then, at the beginning of the European trading session, it started falling. The price is already below the Pivot Point and 1.09. If the buyers don’t generate some serious appetite soon, the price could even drop below the EMA 200 and 1.088 today. But if they do, the price might return above 1.092.
GBPUSD
The GBPUSD also was really volatile yesterday. First, during the early hours of the Asian trading session, the price dropped below the EMA 77 and reached 1.271. Then, it started rising. The price went up above 1.272 at the beginning of the European trading session.
After that, it started falling significantly. The price even dropped below 1.269 in the early afternoon. Right after that, it started rising strongly. In consequence, the GBPUSD finished the session a little above 1.279.
During today’s Asian trading session, the price managed to rise above 1.28. Then, at the beginning of the European trading session, it started falling. The price is already below 1.277. If the buyers don’t generate some serious appetite soon, the price could even drop below the EMA 77 and reach 1.274.But if they do, the price might return above 1.279.
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