Today’s London session is going to start with a speech by European Central Bank’s president Mario Draghi and a Non-monetary policy’s ECB meeting at 7 AM GMT which could give traders more insight on the direction the EU will be taking after Brexit as GBP dropping historic lows.
EUR USD Above Pivot – Forex Economic CalendarAt 7:30 AM RBA Assist Gov Debelle Speaks about Australia’s financial markets. Later during the New York session US Trade Balance is released at 12:30 PM GMT, which shows a balance between exports and imports of total goods and services in the month of May. Also from the US we have Services Purchasing Managers Index (PMI) released at 1:45 PM and the ISM Non-Manufacturing Index at 2 PM GMT.
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The FOMC Minutes are released later at 6 PM which could reveal what exactly went down during previous Fed meeting and could create volatility across the USD pairs. During the Asian session Japan will release Foreign investment in Japanese stocks at 11:50 PM to end the trading day.
GBP dropping historic lows | Technical Analysis
GBP USD is breaking below the previous post Brexit lows. Continued Brexit uncertainties are weighing on Sterling. Additionally, sentiment has increased to multi-month highs which can provide additional fuel to short positions.
There is some support just below 1.300. Much below 1.3000 and the next levels become 1.245 and 1.220.
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