The legend in the InstaSpot team!
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Euro and pound traded upwards, but nothing actually changed in the two as the scale of the movement was quite little to be significant. For example, euro only moved to the upper boundary of the range it traded at for the last few days, and it seems that the situation will stay the same until the end of this week, in part due to the empty macroeconomic calendar. The only thing that might move the market is Jerome Powell's speech at the Jackson Hole symposium, which will happen on Friday evening, right before the closing of the US trading session. Any reaction to his words will be noticeable by next week.
EUR/USD slowed its movement around 1.0850, resulting in a pullback and a return above 1.0900. If the price stays around this level or higher, the volume of long positions may surge, which will eventually lead to a recovery relative to the recent correction. On the other hand, a return of the price below 1.0900 will resume the downward trend.
GBP/USD also grew slightly, so it remained within a sideways range, fluctuating around 1.2650/1.2800. This may continue for some time unless a breakout occurred in the pair.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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