22.02.201809:49 Forex Analysis & Reviews: Trading plan for 02/22/2018

After a busy day yesterday, there is not much interesting data coming out today, so you can safely assume that there will be a certain calm on the market. The first thing that is worth paying attention to now is the second estimate of the U.K. GDP for the fourth quarter of last year, which should confirm the fact of a slowdown in economic growth from 1.7% to 1.5%. Naturally, this does not add to the growth of the pound. Then, there are data on the number of applications for unemployment benefits and if the number of primary applications should remain the same. The number of repeat applications may decrease from 1,942,000 to 1,930,000.

The EUR/USD currency pair continued its downward movement, bringing us back more than 270,000 from the 1.2520 range. It is possible to assume that the bearish interest will still be preserved, but it is already approaching overheating. It is already near the values of 1.2230 / 1.2200, we are more likely to find temporary support.

The GBP/USD currency pair shows a more moderate downward interest relative to the EUR/USD, but the price was able to fix below the psychological level of 1.4000, driving us to the level of 1.3900. It is possible to assume variable drifting within 1.3880 / 1.3925, in the case of fixation lower than 1.3880. It is possible to move to 1.3840 / 1.3800, where the range level is located.