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Although active price movements could be seen in euro and pound recently, nothing actually changed as the quotes returned to the level where they started.
The statements from ECB representatives, confirming that interest rates will rise once again next week, became the reason for the strengthening of the two currencies. However, these statements are also the reason why there became a rebound, as many started to believe that this could be the last rate hike, after which the ECB will gradually start reducing interest rates.
The situation may not change today since market players await the meetings of the Fed and the ECB next week. As such, GDP data from the eurozone will not cause a change unless the numbers differ from preliminary estimates. Data on US jobless claims also could not affect the market as forecasts point to insignificant change, about 4,000 increase, in the indicator.
Indicators point to the completed correction in EUR/USD, which could jump-start a change in market sentiment. The first technical signal of a rally could be a consolidation above 1.0750, while a signal for a continuation of the correction could be a decline below 1.0660.
Recent price movements indicate an attempt to resume the upward cycle in GBP/USD, especially since the quote approached the level of 1.2500. Consolidating above this value will prompt a surge in long positions, which could lead to a new local high in June. Until then, volatility may persist in the market.
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