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In the Zone
- GBPUSD
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Market Insight Commentary – Forex
Today's News Headlines
- The US are claiming that they are taking a hard line on China with regards to FX manipulation and tariffs – I am starting to wonder if the US are the pot or the kettle?
Market Insight Commentary – Indices
Market Recap
For a second time in the week the greenback certainly showed some fighting spirit and strengthened against all the major pairs. There were a couple of things that aided this, most importantly in my opinion was the meeting between China and North Korea which would have eased some of the geopolitical tension. GDP data in the US was slightly better than expected, but in the end I think that technical levels and the looming long weekend left traders looking to pair recent moves.
The EURUSD broke a lot of major technical levels on the way down late yesterday, falling below both the 100 and 200 hour MA, before settling at 1.2300. The key level to watch will be 1.2295 as a sustained break below this level will open the door for a test of 1.2250 in no time.
Cable also looks an interesting opportunity to me, the 200 hour MA at 1.4100 was broken yesterday and traded as low as 1.4066. Anything between 1.4065 and 1.4100 will be a tug of war today and will become the battle ground that determines the next move, a test above 1.4100 and the buyers will find momentum, while a look below 1.4065 will open the door for another test lower, I am tempted to use any rally today as an opportunity for a short.
Important Economic Data Due Today
10:30 GBP Current Account
Consensus: -24.0B
Effect: Actual higher than expected is good for the GBP
14:30 CAD GDP
Consensus: 0.1%
Effect: Actual higher than expected is good for the CAD
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