GBP/USD remains at risk of testing 1.20.

However, economists at Scotiabank expect the GBP/USD pair to test the 1.20 level.

Limited upside potential for the GBP pound.“The pound remains at risk of testing 1.20 and losses from there mounting to a new low since 2020.”

“The GBP’s sharp rejection of the 1.22 area (high 1.21s) on Thursday that then saw it slide on Friday signals limited upside potential for the GBP.”“Resistance is ~1.2150/65 followed by the Thursday high of 1.2189 and the big figure area generally.”“Support is 1.2085 after the big figure, followed by the mid-1.20s.”

EUR/USD hanging by a thread above 1.0400

EUR/USD trades around 1.0420 with a negative bias, as risk aversion undermines demand for the shared currency. EU inflation-related data and gas shortages add to the sour tone of the pair.


GBP/USD retreats to 1.2100 as dollar holds its ground

GBP/USD has reversed its direction in the second half of the day and erased a large portion of its daily gains. The pair trades within a touching distance of 1.2100 as the US Dollar Index holds above 105.00 despite subdued trading action.


Gold bears don’t need to take holidays

Gold consolidates in a tight range, just above $1,800, with trading limited amid a holiday in the US. Fourth of July, which means stock and bond markets are closed, limiting financial activity at this time of the day. Nevertheless, gold shed some ground after a failed attempt to advance at the beginning of the day.

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