Reply With QuoteGBP USD
GBP traded higher against USD and closed at 1.2322.
Modest flow, +0.1%, at top of a very tight 1.2320/28 range, EUR/GBP -0.1%.
Boris's top adviser Cummings; Brexit chaos 'A walk in the park'.
EU's Juncker says he and Barnier doing everything possible to get a deal.
Britain will be responsible if they exit EU with no Brexit deal.
Over a third of small UK companies fear no-deal Brexit hit, FSB.
Close below 1.2344, 38.2% of Sept bounce and 1.2351 21 DMA is bearish.
Momentum studies, 5 & 10 DMA's fall - next stop is 1.2271 50% Sept rise.
According to the Analysis, pair is expected to find support at 1.2307 and a fall through could take it to the next support level of 1.2289. The pair is expected to find its first resistance at 1.2367 and a rise through could take it to the next resistance level of 1.2385.
EUR USD
EUR traded lower against USD and closed at 1.0921.
CIBC Research discusses the USD outlook and the Fed rate call expectations. CIBC targets the USD index DXY at 98.9 by year-end and at 95.6 by Q2 of 20120.
"We share the view of many FOMC speakers that rate cuts will be a bit shallower than markets anticipate, with the rate cuts in July and September to be followed by one more 25 bp ease in December, and then a pause," CIBC notes.
"While US data has been a mixed bag, the economy has yet to have a quarter of growth below its non-inflationary potential. American consumers are in a healthy position based on an ample savings rate, low monthly financial obligations, and ongoing labor income growth. That underlying resilience, while not preventing a further slowing in growth, should be bullish for the dollar against overseas currencies in the very near-term, given the deeper risks to growth abroad (i.e. China and Europe), as well as uncertainty surrounding Brexit and trade, that will propel safe haven inflows in the greenback.
Over a longer time horizon, an easing in the appetite for such flows should see DXY give back some of its strength. For that, well need some fiscal stimulus in Europe to reduce its dependence on negative yields, and an easing in US-China trade tensions. Any reduction in the attractiveness of US assets as a safe haven serves to weaken the greenback, given Americas persistent current account deficit," CIBC adds.
According to the Analysis, pair is expected to find support at 1.0911 and a fall through could take it to the next support level of 1.0898. The pair is expected to find its first resistance at 1.0955, and a rise through could take it to the next resistance level of 1.0968.
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