GBP/USD edges higher on the Daily chart and is expected to reach new upside targets very soon. Price increases as the USDX drop aggressively again and approach the 91.64 previous low. The index will drop towards fresh new lows if will close below the mentioned static support.
USDX is trading in the red ahead of the ECB and ahead of the high impact US data. The greenback needs a strong support from the United States economy to be able to climb higher and to recover after the immense drop.
The ECB Press Conference will have an impact on the USD as well, a dovish speech will boost the USD and will punish the Euro. We’ll have to be patient to see what impact will have the US figures, the Unemployment Claims could increase from 236K to 245K in the previous week, the Revised Nonfarm Productivity may increase by 1.3% in the second quarter, beating the 0.9% estimate, while the Revised unit Labor Costs indicator is expected to increase by 0.3%.
Price goes higher as expected, the perspective is bullish and should hit new highs in the upcoming days. The next upside target will be at the first warning line (wl1) of the minor ascending pitchfork, where he may find temporary resistance again. We have a breakout underway, has managed to pass beyond the 1.3046 level, signaling that the buyers are very strong.
