Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
GBP: April gains undone
Information is not investment advice
The GBP/USD currently is testing 1.2390 - that's where it started its April march upwards. In other words, the victories of the previous month are written off for this currency pair. What does it mean?
Analyst comment that May is a seasonally low month for the GBP against the US dollar in particular. The fact that the British pound opened the month in such a weak way probably means that the entire month will be like that for this currency pair, if not further in the same direction. If that's the case, prepare for the GBP/USD to hit the support of 1.2267 very possibly within a week or so. "Risk-off" is a password so far for this currency pair.
Let’s look what moves the market today.
The European Central Bank will publish the main refinancing rate and make a statement on Thursday, June 4, at 14:45 MT time. Also, the ECB press conference will be later at 15:30 MT time.
EUR and gold moved up