Trump criticized the Fed's monetary policy tightening, putting downward pressure on the US dollar. This contributed to spikes in the GBP/USD and EUR/USD currency pairs. The GBP/USD rose to 1.3080-85 and EUR/USD broke through the 1.1700 level, gaining around 140 pips from recent lows. Analysts provide intraday outlooks and recommendations to buy or sell these currency pairs based on support and resistance levels.

1. 23 Jul – 27 Jul 2018
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WEEKLY INTERNATIONAL FOREX

2. INTERNATIONAL CURRENCY BUZZ
Forex - Dollar on Track for Weekly Drop as Trump Blasts Fed Policy
Forex - GBP/USD spikes to fresh session tops, 1.31 mark back on sight
Forex - EUR/USD surges through 1.1700 handle on Trump’s comments
GBP/USD
The GBP/USD pair reversed a dip to sub-1.3000 level and spiked to fresh session tops around the 1.3080-85
region in the last hour. The pair built on its overnight rebound from 10-month lows and caught some bids
since the early European session, snapping three consecutive days of losing streak. The latest leg of a spike
over the past hour or so could be attributed to the US President Donald Trump's comments, via Twitter,
expressing displeasure over the Fed's monetary policy tightening. Despite a goodish rebound, the pair still
seems on track to end in red for the second consecutive week as investors now look forward to the EU’s
chief negotiator, Michel Barnier's upcoming meeting with the new Brexit secretary Dominic Raab on
Thursday.
EUR/USD
The EUR/USD pair finally broke out of its European session consolidation phase and surged through the 1.1700
handle in the last hour. Adding to his overnight comments, the US PresidentDonald Trump further criticized the
Fed's monetary policy tightening and exerted some additional downward pressure on already weakening US Dollar.
The latest leg of a sharp upsurge of around 50-60 pips over the past hour or so could also be attributed to St. Louis
Fed President James Bullard's dovish comments, saying that the Fed should hold off on hiking further. Meanwhile,
possibilities of some short-term trading stops being triggered, on a move beyond 100-hour SMA, could also be one
of the factors contributing to the pair's strong bid tone. With today's strong up-move, the pair has now recovered
around 140-pips from near three-week lows set in the previous session and turned higher for the week, albeit
remains below weekly tops touched at the beginning of this week
WEEKLY INTERNATIONAL FOREX

3. WEEKLY ECONOMIC DATA
WEEKLY INTERNATIONAL FOREX

4. EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.2973
Resistance: 1.3495
RECOMMENDATION:
BUY GBPUSD ABOVE 1.3180 TGT 1.3260 1.3360 SL 1.3100
SELL GBPUSD BELOW 1.3080 TGT 1.3000 1.2900 SL 1.3230
WEEKLY INTERNATIONAL FOREX

5. EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.1717
Resistance: 1.1735
RECOMMENDATION:
BUY EURUSD ABOVE 1.1750 TGT 1.1820 1.1950 SL 1.1670
SELL EURUSD BELOW 1.1640 TGT 1.1570 1.1470 SL 1.1690
WEEKLY INTERNATIONAL FOREX

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WEEKLY INTERNATIONAL FOREX