28.07.201710:14 Forex Analysis & Reviews: US GDP data may lead to a new growth of the euro and pound

The US dollar managed to recover its positions against the euro and the British pound.

The comments of US Treasury Secretary Mnuchin also received with optimism.

Furthermore, Mnuchin drew.

The data for US economic activity from the Federal Reserve Bank of Chicago had slightly supported the market.

The growth of the manufacturing sector of the Federal Reserve Bank of Kansas City slowed in July.

As shown in the technical picture of the EURUSD pair today, the demand for the euro could increase if the US GDP data for the 2nd quarter turn out to be worse than expected.

A sharp increase above 1.1705 could lead to the loss of orders by the euro sellers and the renewal of the weekly highs around 1.1770.

A significant support level can be found at 1.1620 area, the breakthrough of which may negatively affect the plans of large investors.

During the Asian session, the consumer confidence index data from the UK was published, which declined.

According to GfK, in July this year, the British consumer confidence index fell to a level of -12 points against -10 points in June.

As for the technical picture of the GBPUSD pair, you can rely on further growth of the British pound only after a confident consolidation above 1.3105. Along with the number of losses on stop orders above this level, will instantly return the trading instrument towards the weekly highs of 1.3160. Hence, it will form a new upward wave aimed at updating 1.3200 . If the bull impetus on the pound continues to slow down, the breakthrough of 1.3045 may lead to a decrease in the trading instrument through its weekly lows around 1.3010 and 1.2960.