![]() The cross seems to be struggling around the 55-day simple moving average (SMA) at $1.077 as US markets are shut due to Memorial Day with quiet trading expected to be seen in currency markets today.ĮUR/GBP continues to oscillate around the £0.85 mark ![]() On the other hand, EUR/USD’s near 4% rally from its mid-May $1.035 low has so far taken it to a one-month high at $1.077 as US core personal consumption expenditure (PCE) price inflation continues to slow down. Recent changes in sentiment warn that the current GBP/USD price trend may soon reverse higher despite the fact traders remain net-long.ĮUR/USD struggles around the 55-day simple moving average. Yet traders are less net-long than yesterday and compared with last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall. The number of traders net-long is 1.13% higher than yesterday and 7.83% lower from last week, while the number of traders net-short is 4.04% higher than yesterday and 19.77% higher from last week. Retail trader data show 67.44% of traders are net-long with the ratio of traders long to short at 2.07 to 1. The UK is also nearing a four-day weekend with the Queen’s Platinum Celebrations commencing this Thursday, leaving the pair vulnerable to US dollar drivers at the end of the week, especially Friday’s US non-farm payroll report. With US markets closed, and with no UK economic data on the slate, today’s session will likely see little volatility or price action. ![]() The US dollar is trading sideways today, not helped by the Memorial Day holiday in the US, leaving GBP/USD listless in early turnover. May-30, 2022, Daily Currency trading analysis and forex market forecast, by forex forum. ![]()
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