Technical Analysis for GBP/USD: June 22, 2016
The British pound is holding its breath at 1.4683 for the release of the last set of polls leading to the EU referendum tomorrow. Recent surveys have been leaning towards remaining in the EU, gaining the GBP buying interest still evident today.
GBP/USD reached 1.4715 today but fell back to 1.46 cents due to the still-looming uncertainty. A neutral outlook is still in position until it sustains the 1.47 line. Its US counterpart is unlikely to firm due to a dovish Yellen and a fading interest hike in July.
The first support occurs at 1.4634 and 1.4590 while first resistance is at 1.4703 and 1.4766. The MACD indicator is in positive location. The price is rising.
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[SIZE="5"]Fundamental Analysis for EUR/USD: June 22, 2016
EUR/USD was hit with profit-taking and a warning from ECB president Mario Draghi that another stimulus is on the way. The euro retreated to 1.12 cents after reaching 1.13 in the past days due to a firming ‘Bremain’ public sentiment. The pair is trading at 1.1272.
Draghi said that more stimulus is on the way as the ECB sees inflation rate missing the 2 percent target until 2018. Inflation is predicted to reach 1.3 percent in 2017 and 1.6 percent in 2018.
On the data front, Germany’s ZEW Economic Sentiment for June was at 19.2, largely exceeding the predicted 4.7 increase. The country’s current conditions grew to 54.5 from 53.1 in May, while the Eurozone’s economic sentiment was up to 20.2, surpassing the 15.3 expected rate.
The USD is also taking a beating from Yellen’s statement that shows Fed’s worry over the labor market. The Fed chairwoman effectively reduced the possibility of a rate hike in its next monetary meeting in July.
EUR/USD is still on the bullish side but a drop below the immediate support of 1.1240 will move it to a neutral position, with the next support at 1.1213. The first resistance is at 1.1291 and 1.1350 subsequently. The MACD indicator is in a positive location. [/SIZE]
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