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Risk warning: Losses could exceed deposits.

Predictably, it was a very quiet day yesterday with the US enjoying Independence Day.

Anything remotely marking moving came from headlines out of Europe, the first that ECB members were shifting towards a more hawkish tone and the second that the US was willing to find a compromise on auto tariffs.

Both of these headlines were released after London had closed for the day, however, and so the impact was limited.

The GBPUSD had a continuous bid throughout the day as it climbed to 1.3250 which was the highest in almost a month, the catalyst is still a little bit unknown but I would suspect that it may be on May’s Brexit plan that will come later this week.

We also have a little event risk today in the form of a speech from BOE Governor Carney.

I am going to be a little bit more cautious this morning as price action can often be a little unpredictable after a bank holiday but with the looming NFP tomorrow, I would probably look at the indices as my main pairs today.

Supplied by BlackStone Futures

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Leave your Questions about Forex Market Insight Commentary 05 July 2018 below

IronFX
Haroun Kola

Technical Outlook For EURUSD & USDJPY for 2/7/2015

The EURUSD tumbled below its support of 1.1115 which now becomes resistance and if it goes below the 1.10 level, we could see this pair test the 1.0950 level. With the US Non Farm payroll to be announced today, this could be the spur in the market to go lower.

The USDJPY bounced higher after hitting support of 122 on Tuesday. Its currently testing the 123.20 level and if it gets beyond this then the 124 level.

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