The single currency's rally to 1.1408 yesterday and intra-day re-test of June's 3-month peak at 1.1422 suggests upmove from 1.0637 (March) would resume after consolidation and extend to 1.1443/45.
GBP/USD eases from intraday top of 1.2587 while defying the previous two-day losing streak. The pair’s recent gains could be attributed to the increasing hopes of further stimulus from the UK government as well as broad US dollar weakness. Focus on UK CPI data.
USD/JPY shows little reaction to the BOJ's status-quo on the monetary policy decision and downbeat quarterly outlook report. The spot also remains unfazed by the risk-on rally in the Asian equities amid coronavirus vaccine hopes.
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Remember, if you can provide a logical structure for the change in trend and if there is evidence, even if very preliminary, then you are not picking tops and bottoms but choosing a new market direction.
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