1/07/13 Market participants are expected to focus today on several economic data releases, while expectations are for the ISM manufacturing in June to print improved results of a 50.6 . In the UK, Mark Carney will be announced today as the new BoE governor. In addition to that, the Markit Manufacturing PMI for June will also be published, along with the Consumer Credit for May, the Mortgage Approvals figures, and the Net Lending for Individuals on a monthly/yearly calculation. GBP/USD - Most technical studies remain bearish and the downside momentum is likely to persist this week. However, downward movement is not expected to lead to a significant breakthrough but trading within a limited range. Near term support levels are located at 1.5130, ahead of 1.5092 and 1.5055. Resistances: 1.5246, 1.5284, and 1.5321. EUR/USD - Following the better than expected results in the Spanish and the Italian manufacturing PMI, the Euro is pushing higher bloc currency keeps pushing higher, recently recorded a new daily high at 1.3050. From a technical point of view, it seems that the pair has found supportive ground around the 1.3000 psychological level. The cross is currently trading at 1.3045, gaining 0.25% for the day, while the next resistance is waiting at 1.3104 following by ahead of 1.3115 and 1.3151. Conversly, a dip below of 1.3008 would open the door to 1.2991 and 1.2985.
Posted on: Mon, 01 Jul 2013 11:35:29 +0000