EUR/USD and GBP/USD Forecast — February 6th 2020

February 6, 2020 at 16:19 by K. Prabhu

In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the February 6th session.

EUR/USD — The Wednesday's trading session was favorable for the US dollar, as the ISM Non-Manufacturing PMI data came out much better than expected. Also, the ADP data came better than expected. The market is now testing the bottom of this consolidation zone, which is the 1.10 level. To the upside, the 50-day EMA could offer resistance. A break below the 1.10 level is very bearish for the euro and you can expect the market to reach as low as the 1.07 level.

GBP/USD — Currently, the pound is influenced by headlines related to Brexit and trade talk negotiations. The 1.30 level continues to offer support at the moment. The 1.32 level is the next target to the upside.

Tags: EUR/USD, GBP./USD, technical analysis

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EUR/USD and GBP/USD Forecast — February 6th 2020

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