FX.co ★ Trading plan for EUR/USD and GBP/USD on August 8

The empty macroeconomic calendar kept the market situation unchanged, which will likely remain so until the second half of this week. Some movements may be seen tomorrow when the market starts preparing for the US inflation data since it could influence the decision of the Federal Reserve regarding monetary policy. Although traders will stay cautious to avoid risks, the market can be stirred by some unexpected news. Thus, for the next couple of days, keep an eye on upcoming news, as they may influence market sentiment.

EUR/USD briefly rose above 1.1000, but did not lead to a subsequent increase in the volume of long positions. As a result, the quote once again fell below the psychological level, which may indicate the possibility of a decline. However, at the moment, a stagnation can be seen in the pair.

Although GBP/USD partially recovered its value, it did not end the current correction. As such, a return below 1.2700 could fuel short positions, while to see growth, pound needs to stay above 1.2800.