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FX levels to watch – EUR/USD, GBP/USD

EUR/USD and GBP/USD look set for further gains, despite markets widely expecting a NFP number that will confirm a June rate hike.

GBP notes
Source: Bloomberg

EUR/USD expected to continue ascent

EUR/USD has broken higher as expected in recent days, with yesterday’s weakness merely providing a buying opportunity rather than giving us anything to worry about. We are now seeing the pair move higher, with further gains expected during the day.

Keep an eye out for the $1.1257 region as it's a near-term resistance, which must be overcome before we look towards the $1.1268 level.  As long as we do not see the $1.1109 region broken, a bullish outlook remains in play.

EUR/USD chart

GBP/USD about to move up 

GBP/USD looks set for another move higher following a pullback overnight. While the wider price still looks like this could be a short-term phenomenon, the picture does look bullish for the time being.

As such, a bullish outlook is in place unless we break below $1.2830. Watch out for $1.2920 as near-term resistance that needs breaking for this short-term uptrend to continue.

GBP/USD chart

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