Black Friday? Black Monday? It’s all gone downhill in stock markets but in forex there is a currency that always goes up.
So, what’s next for EUR/USD and GBP/USD? The team at SocGen analyzes:
Here is their view, courtesy of eFXnews:
After testing the lower limit of a triangle earlier this month, EUR/USD has embarked on a sharp rebound, notes SocGen.
The move above 1.1536, according to SocGem, means continuation in rebound towards 1.1810/75, weekly channel limit and the 38.2% retracement of the correction since last year highs.
Meanwhile, SocGen notes that GBP/USD tested a trend support since May at 1.5350/1.53 and has been undergoing a consolidation.
The move above 1.57, according to SocGen, signals a retest of 1.5950, with July low at 1.5350/1.53 acting now an important support which decides about a deeper correction.
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