Although the Second Estimate UK Gross Domestic Product came out Friday with better than anticipated values and generated a brief rise, the pair quickly started to move to the down side, invalidating a bullish scenario.
Technical Outlook
Today we expect price to remain in close vicinity of 1.5600
moving slightly above and below it. Given that Mondays are slow days, price is likely to move sideways and no clear distance to be created between it and 1.5600. This outlook is sustained by the fact that today UK Banks are closed and low volatility is expected.Fundamental Outlook
As we mentioned before, no economic indicators are released today by the UK because their Banks are closed celebrating Summer Bank Holiday. However, the pair will be affected by the US Durable Goods Orders which we mentioned earlier.
Written by: Bogdan Giulvezan
The article above is based on the writer’s 4-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.
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