The euro edged lower during the Asian and European sessions on Tuesday. Sellers moved the price from 1.0600 towards the 1.0550 handle. The price reversed its direction above 1.0550 and rallied through 1.0600 towards 1.0650. The resistance is seen at 1.0650, the support stands at 1.0600.
We will keep buying the euro until it stays above 1.0600. A move below 1.0600 will open the way towards 1.0550 and 1.0500.
The technical picture presented a slightly bullish tone on Tuesday. The GBP/USD remained in the range trading between 1.2500 and 1.2400. The pound bounced from the lower boundary of the range and was climbing towards 1.2500 the whole day. The current resistance is seen at 1.2500, the support exists at 1.2400.
The pound is likely to stay in the current range. Once we break below the 1.2400 level, we think that the 1.2300 level will be next. At the same time a break above the current resistance will trigger another leg higher.
The ascending channel remained intact on Tuesday. The price bounced from its lower limit in the Asian session on Tuesday and continued moving higher during the European one. The pair faced downward rejection around 113.00. The price bounced off and dropped to the opening price region. The resistance is at 113.00, the support comes in at 112.00.
We maintain our positive outlook for the pair. A break above 113.00 will reinforce buyers’ positions who may lead the price to 114.00.
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