FX investors are focused on European interest rate decisions today. Given sharply falling inflationary expectations over the summer months with EUR and GBP pressing against important support it would appear the market is positioning itself for dovish news.
Technically against the range low we are cautiously bearish and could only turn more aggressively so if EUR/USD 1.3840 and GBP/USD 1.5750 were to give way.
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BARCLAYS CAPITAL
TECHNICAL RESEARCH