Daily i forex report 30 jul 2018 by epic research

1. 30-July-2018
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International Forex

2. International Forex
INTERNATIONAL CURRENCY BUZZ
Forex - Dollar Falls Despite Strongest US GDP Growth in Nearly Four Years
Forex - GBP: Bank of England to Reveal All Next Week
Forex - EUR/USD recovers modestly on Friday, remains in a range
GBP/USD
The GBP/USD pair managed to bounce off lows, albeit held on to its daily trading range following the release of US
GDP print. The pair stalled overnight retracement slide from levels beyond the 1.3200 handle and found some
support at lower levels after the advance US GDP report showed that the US economy expanded at an annualized
pace of 4.1% during the second quarter of 2018. Although the headline reading was better than 2.0% growth
recorded in the previous quarter, it wasn't enough to provide any meaningful lift to the US Dollar and helped the
pair to rebound from an intraday low level of 1.3082. The data, however, cemented expectations for a gradual Fed
rate hike through the end of this year and thus, did little to prompt any aggressive USD selling. Moreover, investors
also seemed to refrain from placing aggressive bets ahead of the highly anticipated BoE monetary policy update
next week.
EUR/USD
The EUR/USD pair rebounded on Friday after US economic data but is still headed toward a negative weekly
performance. After the ECB and US GDP data, it remains in a range, moving sideways, although closer to the lower
bound. On Friday, the US dollar corrected to the downside, after rising on Thursday and pushed EUR/USD to the
upside. Before the recovery, the pair bottomed at 1.1619, the lowest since July 19. The pair found resistance at
1.1660 and it is about to end the week, moving between that level and 1.1645, down 60 pips from the level it had a
week ago. Despite the ECB decision and US data, EUR/USD continues to move within a small range. The para
managed to avoid a daily close under 1.1630 that would point to more losses. To the upside, immediate resistance
is seen at 1.1680/90, the 20-day moving average. Above that level, around 1.1740, a horizontal level, is also a
downtrend line: a break higher would open the doors for a test of July highs (1.1790) and even 1.1850.

3. International Forex
DAILY ECONOMIC DATA

4. International Forex
EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.3033
Resistance: 1.3253
RECOMMENDATION:
BUY GBPUSD ABOVE 1.3140 TGT 1.3160 1.3190 SL 1.3110
SELL GBPUSD BELOW 1.3080 TGT 1.3060 1.3030 SL 1.3110

5. International Forex
EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.1570
Resistance: 1.1780
RECOMMENDATION:
BUY EURUSD ABOVE 1.1680 TGT 1.1700 1.1730 SL 1.1650
SELL EURUSD BELOW 1.1630 TGT 1.1610 1.1580 SL 1.1660

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