The EUR/USD pair has hovered around the 1.3065 range in today's trading as the market awaits reports from the US at around 12:30pm GMT. The country is set to announce its annualised GDP for Q1, which is expected to stay at the current 2.4%. If it stays there as expected, then traders should not expect any significant impact from the announcement.
The pair is currently trading at the 1.3075 level, with initial resistance seen at 1.3117, followed by 1.3150. Meanwhile, initial resistance is seen at 1.3030, followed by 1.2997.
There has also been some recovery from the AUD/USD pair during the week, which is currently trading at around the 0.9300 level.
Initial resistance for the AUD/USD is seen at 0.9331, followed by 0.9354. Meanwhile, initial support is at 0.9228, followed by 0.9205.
As for the GBP/USD pair, it might be affected by reports coming from both sides of the Atlantic. Aside from the US GDP data, the BoE Governor will also give a statement as well as provide the financial stability report at 9:30AM GMT.
Already the pair has dropped significantly within the hour from 1.5418 to the current 1.5378 level. Initial support for the pair is seen at 1.5451, followed by 1.5490. On the other hand, initial support is seen at 1.5369 followed by 1.5331.
Aside from the reports from the UK and the US, the market is expected to be fairly silent throughout the day.
Tomorrow, significant events in the market will come from Europe as Germany will announce its unemployment data at 7:55AM GMT, while the UK will announce its GDP data at 8:30AM GMT. Japan will also make an announcement on its National CPI later in the day at 11:30PM GMT.
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