FXEM - EMPIRE MARKETS - Company New Article

The British pound is trading at 1.2611, facing volatility as markets await US and UK economic data. The pair is trying to hold above 1.2600, a key support that could determine the next direction.

• Upward scenario: If the pair manages to hold above 1.2630, we could see an extension towards 1.2670 and then 1.2700 as a key resistance level.
• Bearish scenario: A break of 1.2580 could reinforce selling pressure, pushing the pair towards 1.2550 and then 1.2500.

The movements of the British pound remain linked to the interest rate expectations from the Bank of England, in addition to any new developments in global financial markets.

The Euro is trading at 1.0410, facing selling pressures affected by the strength of the US dollar and the markets’ anticipation of upcoming economic data. The general trend for the pair remains bearish, with concerns about the slowdown in the Eurozone economy continuing.

• The bullish scenario: If the price manages to break 1.0440, we may witness an attempt to rise towards 1.0480 and then 1.0500 as a major resistance.
• The bearish scenario: Continuing the negative momentum may push the pair to break 1.0390, which increases the chances of a decline towards 1.0360 and then 1.0330.

The performance of the euro remains dependent on the statements of the European Central Bank and the developments of US and European economic data.