Forex Technical Analysis

The GBPUSD pair remained under pressure, falling toward the 1.27 level again and hitting the lowest level since November as the USD dominates in the currency markets.

The USD continued to strengthen on Monday, pushing the EURUSD pair 0.5% lower to trade at 1.075, the level last seen in March 2020.

The Pound dropped more than 1% against the Japanese yen, dropping to the 165 level as traders sold Sterling following some miserable economic data.

Sentiment has been bullish so far on Thursday, pushing EU equities strongly higher. At the time of writing, German DAX traded more than 1.5% stronger, rising to 2-week highs.

The USD has suffered some profit-taking on Wednesday, sending the dollar index notably lower.

The Australian dollar traded firmer on Tuesday as the recent sell-off has brought the pair to the 50-day moving average, which acted as strong support, sending the Aussie higher.