Trading doesn't just reveal your character, it also builds it if you stay in the game long enough
The Single currency initially spiked to $1.1830 before falling back to $1.1769, following the European Central Bank’s unchanged monetary policy and new forward guidance that many believe could keep interest rates lower for a longer period.
The British pound recovered from steep losses to $1.3755, buoyed by improved risk sentiment, even with COVID-19 cases broadly on the rise.
The Japanese yen inched down to 110.26 against the greenback as Japanese markets were closed for a holiday, with the Tokyo Olympics due to open later in the day.
The Aussie dollar meandered at $0.7374 as Australia sees no reprieve from the escalating coronavirus concerns.
The Canadian dollar modestly gained to 1.2568 versus the greenback on bullish oil prices and amid a subdued USD demand.
South Africa's rand slid to 14.72 per U.S dollar as the Reserve Bank of South Africa held interest rates unchanged and suggested the monetary policy was likely to stay accommodative for a long time.
The dollar-rupee unbothered at 42.95(selling).
10:00 - GBP - Retail Sales (MoM) (Jun)
11:30 - EUR - German Manufacturing PMI (Jul)
12:30 - GBP - Manufacturing PMI
12:30 - GBP - Services PMI
EURGBP appears to be riding into a corrective wave A-B-C after completing 5 waves to the downside. Yesterday, we observed an impulsive break out of wave B channel which could lead EURGBP towards final wave C as per Elliott wave analysis. we remain bullish on EURGBP with stop loss below 0.8500 targeting 0.8757 , 0.8826 and ultimately 0.8915.
After rallying towards a high of 156.07 end of May 2021, we saw a three wave corrective move to the downside in GBPJPY which possibly could be the end of a corrective wave A-B-C before a new high is formed or possibly part of a larger corrective combination wave W-X-Y as per Elliott wave perspective.
127% appears to be good level for short term rebound to the upside.
Approaching 149.00/149.10 could be an opportunity to long the market with stop below 148.30 with targets levels 150 , 150.71 and 151.70.