Trading plan for EUR / USD and GBP / USD pairs on 05/30/2019

Never underestimate the power of inertia. It was this lesson that was presented yesterday against the background of complete silence from both politicians and macroeconomic statistics while the dollar continued rising. Understanding that the unpredictable consequences of an unregulated Brexit do not promise anything good continues to play into the hands of dead American presidents in portraits.


Although almost no one works in Europe today on the occasion of the celebration of Ascension Day, the dollar is likely to be forced to take a hard look at macroeconomic statistics. After all, the second estimate of the United States GDP for the first quarter will be published today. If the first estimate showed an acceleration of economic growth from 3.0% to 3.2%, which investors have already included in the value of the dollar, the second estimate could reduce the growth rate to 3.1%. Of course, the American economy is still accelerating but investors proceeded from the fact that at a somewhat higher pace. Therefore, they will have to somewhat adjust their plans now. True, we should not think that mass sales of these portraits of the dead presidents of the United States of America will begin. Today, there are still data on applications for unemployment benefits. The total number of which should decrease by 10 thousand. Indeed, the number of initial applications may increase by 4 thousand, but the number of repeated applications should decrease by 14 thousand. Although this may all pass by the pound, over which Brexit's Damocles sword is brought. Obviously, the consequences of a divorce without a divorce agreement will be much more serious for the UK than for a European hostel.


The euro/dollar currency pair resumed its decline, reaching yesterday's value of 1.1124. It is likely that the quotation is already nearing the point of the earlier support, where it is possible to expect stagnation followed by a rollback to 1.1150.


The pound/dollar currency pair has once again become close to the level of 1.2620, where the quote has repeatedly felt the fulcrum. We can assume a temporary stay to 1.2600-1.2630 followed by a rollback to 1.2660.


The material has been provided by InstaForex Company -