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Forex Flash: EUR/USD uninterested in retaking 1.3000 - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng, of OCBC Bank notes that EUR/USD has shown little desire to re-take the 1.3000 threshold in recent sessions and a violation of the 1.2900 area may see a drop to 1.2850/70 in due course.

He writes, “We stay top heavy on the pair for now and expect any retracements to be met with resistance towards 1.3000.” Looking to GBP/USD he notes that the BOE Inflation Report is expected to be the highlight of the day for the pound amid market expectations of a softer inflation outlook but steady growth projections. He feels that any dovish departure from the above may undermine the GBP further, especially in the current dollar environment. Ng comments, “In the interim, any failure to retake the 55-day MA (1.5245) may tempt the pair back below 1.5200 towards 1.5100.”

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