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19 Mar 2014

GBP/USD re-shaping and eyes toward key releases

FXStreet (Guatemala) - GBP/USD has drifted back into 1.66 territories after testing the 50 DMA and looking threatening to the downside overnight. The day ahead comes with a European session that will deliver key UK economic data and BoE minutes.

GBP/USD will be under the spot light while the BoE minutes will be unveiled and the latest employment data for the UK will come to light, all that ahead of the chancellors pre election budget. Should be an interesting morning in Europe. Meanwhile, markets will be closely watching levels to the downside, and should there be bearish sentiment around the data releases, a break back below 1.6532 (the 8 month uptrend) could open up traders focus and attention onto the 1.6259/29 support zone being the September high and the 23.6% retracement of the move up from July 2013.

GBP/USD Levels

The 20 DMA is 1.6667, the 50 DMA is 1.6552 and the 200 DMA is 1.6016. RSI (14) reads 46.70. Supports are ascending from 1.6538 and 1.6565. Spot is 1.6599 while resistances are 1.6605, 1.6667, 1.6689, 1.6719 and 1.6787.
Mar 19, 2014

PBOC sets USD/CNY at 6.1351, AUD/USD weaker

PBOC set the USD/CNY fix at 6.1351 vs 6.1341 yesterday. Prior close was close at 6.1920, with talk in the market that trading above the 6.20 may see some models/structures being triggered
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Mar 19, 2014

USD/CNH: New 10-month high, watch WMP structures above 6.20

USD/CNH or offshore Yuan, is under intense buying pressure at the open of Chinese trading, with the market over-reacting to a slightly higher fix in USD/CNY.
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