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FC: MAJOR CURRENCY PAIRS : THURSDAY-24TH-AUGUST-2017

Eur/Usd $1.1801 (-$0.0004)

Eur/Usd opened in Asia at $1.1805 towards the upper end of Wednesday’s range. We began the session on the front foot, rising to today’s high of $1.1819. The pair came under pressure as investors digested the latest statement from the White House which saw the US Dollar strengthen across the board and in turn falling to today’s low of $1.1793. The statement from the White House said President Trump and Republican Senate Leader McConnell remain united on constructing a border wall, middle class tax relief, strengthening the military and other issues. The pair has eased off the lows as we approach the European open, trading at $1.1801. From a technical view, Monday’s highs at $1.1828 and the August 11th high at $1.1846 may offer resistance while on the downside we look for Monday’s low at low at $1.1729 and Friday’s low at $1.1705.

Gbp/Usd $1.2783 (-$0.0015)

Cable opened in Asia at $1.2795 towards the lower end of Wednesday’s range. We began the session on the front foot, rising to today’s high of $1.2806. The pair came under pressure as the session wore as markets digested the aforementioned White House statement with the pair falling to today’s low of $1.2774. The market has eased off the lows as we approach the European open with the pair trading at $1.2783. From a technical view, today’s low at $1.2774 may offer some support before the June 27th low at $1.2714. On the upside, yesterday’s high and Monday’s high at $1.2916 are in focus.

Usd/Jpy ¥109.16 (+¥0.16)

Usd/Jpy opened in Asia at ¥109.04 towards the lower end of Wednesday’s range. We began the session on the back foot, falling to today’s low of ¥108.82. As markets digested the White House statement, the pair found some support, rising to today’s high of ¥109.24. The market has eased slightly away from the highs as we approach the European open, with the pair trading at ¥109.16. From a technical view, the overnight high may offer some support ahead of yesterday’s high of ¥109.82. On the downside, Tuesday’s low at ¥108.86 and Friday’s low at ¥108.61 are in focus.

Gbp/Eur €1.0832 (-€0.0007)

Gbp/Eur opened in Asia  at €1.0838 towards the lower end of Wednesday’s range. We began the session on the front foot, rising to today’s high of €1.0840. The pair came under pressure as the session wore on, falling to today’s low of €1.0826. The market has eased of the lows as we approach the European open, trading at €1.0832. From a technical view, we look for support at the October 29th (2009) low of €1.0818 followed by the October 15th (2009) low at €1.0704. On the upside, yesterday’s low at €1.0895 and today’s high at €1.0915 are in focus.

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