FX MARKET REPORT 11.02.2021

FX MARKET REPORT 11.02.2021

FX MARKET REPORT 11.02.2021

Daily Commentary
FX MARKET REPORT 11.02.2021
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FX MARKET REPORT 11.02.2021

GBP/USD witnessed some profit-taking and edged lower during the early European session. The supportive fundamental backdrop should help limit any meaningful slide for the major. Weakness below the 1.3800 mark might still be seen as an opportunity for bullish traders. GBP/USD maintains its break to a new high for the year to reassert the core uptrend and reinforce the existing long-term base above 1.3514. Economists at Credit Suisse see resistance next at 1.3890/95, ahead of 1.3997/1.4000 and eventually the key 2018 highs and 50% retracement of the 2014/2020 bear trend at 1.4302/77. EUR/USD extends the recent consolidation above 1.2100. The dollar remains weak and supports gains in the pair. US Initial Claims, Fed’s Monetary Policy Report next in the docket. The dollar index was up less than 0.1% at 90.406, after earlier falling as low as 90.249, a two-week low, on Wednesday. USD/JPY was up 0.1% at 104.66, while AUD/USD rose 0.3% to 0.7741.

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GBP/USD witnessed some profit-taking and edged lower during the early European session. The supportive fundamental backdrop should help limit any meaningful slide for the major. Weakness below the 1.3800 mark might still be seen as an opportunity for bullish traders. GBP/USD maintains its break to a new high for the year to reassert the core…

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