EUR/USD: Downside risks grow on fears of US-China trade talks falling apart
EUR/USD is on the back foot, having breached key ascending trendline support on Thursday and risks falling to levels below 1.1150 as risky assets are taking a hit on reports stating that China is no longer interested in trade talks with the US.
Xinhua News Agency reported in Asia that China feels Trump’s approach to trade talks lacks sincerity and there is no point in continuing discussions.
Pivot – 1.1175
Short position below 1.1220 with 1.1135& 1.1109 in targets.
Long position above 1.1240 with 1.1300 as target
GBP/USD remains stable near 1.2790, all eyes on cross-party Brexit talks
Having known the UK PM May’s intention to provide a timetable of her resignation and who could succeed her, the GBP/USD traders remain less active around 1.2790 while heading into the London open on Friday.
Even if pressure mounts on the UK PM Theresa May to resign, she has so far managed to convince 1922 Committee about her readiness to leave the post once her last effort to Brexit gets through the parliament during the week that starts from June 03.
Short Below 1.2860 with 1.2700 target
Long above 1.2860 with 1.2940 target
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