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Forex Analysis

03/10/2015 08:59:45

EUR/USD: upside limited to 109.20/1.1045

Bearish technical stance in GBPUSD too

According to analysts at Lloyds Bank we start the day with European data, which if positive is likely to see market participants sell into EURUSD and limit the upside, 109.20/1.1045 is trend resistance to watch, while 107.65/40 is still important support ahead of the 1.05 area.

Unlike this time last month we have no domestic data but we will be listening to the MPC members speaking today, especially McCafferty in terms of him changing his stance and potentially damaging the near term strongly bearish technical stance in GBPUSD which targets new lows. 1.5170-1.5240 is trend resistance from the 1.5550 highs today.

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