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The Shared currency was modestly higher to $1.1879 after the euro area economy rose to 2.0% in June quarterly, beating the market expectations of 1.5% growth.
The Cable soared to $1.3898 helped by the UK Markit Manufacturing, which improved to 60.4 in July, as anticipated.
The Japanese yen climbed to 109.16 versus the greenback on rising concerns about the coronavirus Delta variant prompted traders to wind back bets on a strong global economic recovery.
The Aussie dollar jumped to $0.7406 after the RBA announced no change in the benchmark interest rate and kept tapering of bond-buying on the table, despite growing coronavirus worries in Australia.
The Loonie extended losses to 1.2519 against the U.S dollar on the back of a sharp decline in crude oil price.
South Africa's rand firmed at 14.44 per U.S dollar boosted by commodity prices and soft U.S manufacturing data.
The dollar-rupee stayed put at 42.90(Selling).
13:00 - EUR - PPI (YoY) (Jun)
13:00 - EUR - PPI (MoM) (Jun)
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.