British Pound Technical Outlook
At the risk of sounding repetitive, sideways price action in the British Pound/US Dollar leaves our bias exactly unchanged. “The British Pound has found a short-term base against the US Dollar, holding highly-contested support near the psychologically significant 1.4700 mark. Its recent price formation likewise looks vaguely like an inverse head and shoulders pattern, and a break above 1.5500 would signal that a more medium term reversal is likely. Shorter-term, the British Pound looks to challenge previous spike-highs at the psychologically significant 1.5000 mark.”Euro Technical Outlook
Our outlook for the Euro against the US Dollar effectively remains unchanged. After massive rallies that swiftly took it to multi-month highs, the Euro/US Dollar is likely to continue its correction before any further ascent. As it stands, the pair remains in a very tight short-term trading range, and the absence of any real speculative interest on a holiday-shortened trading week suggests we may see similarly lackluster price action through the very short-term. Our bias remains to the downside, but a hold of near-term support at 1.3825 suggests that the pair could drift higher or trade sideways until further notice.[ForexGen Services]
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