FX MARKET REPORT 09.03.2021

FX MARKET REPORT 09.03.2021

FX MARKET REPORT 09.03.2021

Daily Commentary
FX MARKET REPORT 09.03.2021
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FX MARKET REPORT 09.03.2021

GBP/USD – 1.3920 is a tough nut to crack for the bulls. GBP/USD briefly recaptures 1.3900 but the further upside appears limited. Powerful resistance awaits at 1.3920 while RSI stays bullish. The cable rebounds as the US dollar drops along with Treasury yields. Euro area GDP contracted by 4.9% in 2020. EUR/USD clings to strong daily gains above 1.1900. From a technical perspective, the GBP/USD pair’s inability to capitalize on the move and failure near the 1.3900 mark favours bearish traders. Subsequent weakness below mid-1.3800s will add credence to the negative outlook and pave the way for an extension of the recent corrective slide. The dollar edged lower in early European trading Tuesday, but remained near multi-month highs on the back of rising Treasury yields and the expectation of a robust U.S. economic recovery. The dollar index was down 0.2% at 92.130, after earlier climbing to 92.528, its highest level since late November.

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GBP/USD – 1.3920 is a tough nut to crack for the bulls. GBP/USD briefly recaptures 1.3900 but the further upside appears limited. Powerful resistance awaits at 1.3920 while RSI stays bullish. The cable rebounds as the US dollar drops along with Treasury yields. Euro area GDP contracted by 4.9% in 2020. EUR/USD clings to strong…

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