EUR: Broadly Consolidating Around 1.17; GBP: Likely To Recover
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EUR: Broadly Consolidating Around 1.17; GBP: Likely To Recover

GBP/USD bounced from the lows and EUR/USD is stuck in range. What’s next? Here is the view from ING:

Here is their view, courtesy of eFXnews:

ING FX Strategy Strategy Research expects the  EUR to broadly consolidating this week  in the absence of a spike in EZ political risks.

“Politics will overshadow ECB policy for the EUR this week as the noise related to Catalan independence looks set to remain in place.

We expect EUR/USD to hover around the 1.1700 level – with modest downside risks stemming from either US data or politics.  In the absence of a close below 1.17, we look for consolidation,” ING argues.

On GBP front, ING expects  the  pound to bounce back this week  as initial Westminster chaos has been averted.

“This might help to ease some of the downward pressure on GBP as fears of imminent chaos in Westminster have been thwarted…We look for GBP to recover its losses this week, with GBP/$ moving up to 1.3250-1.3300 (EUR/GBP 0.8860-0.8880),” ING adds.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.