We maintain short-term bearish outlook for the pair. Despite our negative outlook the euro had a positive day on Wednesday. Buyers pushed the major higher and tested 1.0450 in the NY session. The resistance comes in at the level 1.0450, the support lies at 1.0400.
If an upward pressure persists the pair will extend its recovery further. Should the pair consolidate above 1.0450, buyers will lead the price towards 1.0500. Inability to break above the current hurdle will return selling interest.
The GBP/USD pair closed bullish yesterday. After a sharp drop to 1.2320 in the yearly trades buyers managed to reverse all recent losses and lifted the currency pair to 1.2400. The resistance exists at the level 1.2400, the support stands at 1.2300.
A move above 1.2400 will increase buyers’ strength. Bulls may push prices towards 1.2450 and 1.2500.
The upward channel remained intact on Wednesday. The U.S. dollar, however, weakened to its lower band. The resistance is at 118.00, the support comes in at 117.00.
A consolidation below 117.00 will strength sellers’ positions. In this scenario bears will lead the price to the 116.00 support area.
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