Forex Analysis by Fawad Razaqzada covering: EUR/USD, GBP/USD, USD/JPY, FTSE 100. Read Fawad Razaqzada's latest article on Investing.com
, with political events in the UK and France coupled with significant US economic data releases. Traders should stay alert to developments and be prepared for potential volatility. By the end of the week, the market may reveal clearer trends, providing better trading opportunities. Report: Expected on Friday, this report is critical for gauging US economic health. The previous month saw a strong print of 272,000 jobs, but this month's forecast is a more modest 190,000.
And with key US data to come on either side of the US Independence Day on July 4, currency pairs like the GBP/USD and EUR/USD may well experience heightened volatility. The GBP/USD will be impacted if there is a surprise outcome such as a hung parliament given that a Labour victory is widely expected.The polling will take place on Thursday, July 4, when the US is out celebrating Independence Day. So, don’t expect any fireworks in the markets on Thursday.
Of course, the key data is on Friday, when we will have had the UK election outcome as well. The headline jobs data beat expectations last month with a print of 272,000, while wages also grew more than expected. As a result, the US dollar has been supported on the dips and we have recently seen a fresh multi-decade high in
Recently, the cable came out of its bullish channel, which thereby signaled at least a temporary end of its bullish trend that had been in place since the last week of April.Short-term resistance now comes in between the 1.2685 to 1.2730 area which needs to be reclaimed if we are to see another attempt at breaking above that study 1.2800 longer-term resistance area. Support comes in around 1.2635, followed by 1.2550.
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