(Barcelona) - Emmanuel Ng of OCBC Bank notes that the EUR/USD remains held at MAs, while GBP/USD looks top heavy.
Starting with EUR/USD, he comments that the pair is currently at the gates of its 55-day MA (1.3081) and its 200-day MA (1.3074) and a break may see the pair test towards the 1.3000 handle. However, he adds that as he has previously commented, the EUR may remain relatively well equipped to resist or at least partially stave off dollar overtures.
Looking to GBP/USD, Ng notes that even the BOE’s King On Tuesday warned against front running global central banks with regards to expecting a quick move towards a tightening environment. He writes, “Nonetheless, we continue to look for a top heavy tone to persist in the GBP/USD and a slip below the 1.5400 handle and the 55-day MA (1.5382) would pave the way to the 100-day MA (1.5315).”
Emmanuel Ng of OCBC Bank notes that the EUR/USD remains held at MAs, while GBP/USD looks top heavy.
(Market News Provided by FXstreet)