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Mid-Day Report: Sterling Shines on GDPSterling is the star performer today as boosted by stronger than expected Q3 GDP growth. UK emerged from recession and grew an impressive 1.0% qoq comparing to expectation of 0.6% qoq. The data should have put additional easing from BoE in Q4 off the table and will likely give sterling additional support in near term. However, market will likely remain cautious on sterling on a medium term angle because once the so called Olympic effect unwind, the UK economy may go back to recession again. As for now, GBP/USD will likely take out 1.6177 minor resistance soon to challenge key near term resistance at around 1.63 level. GBP/JPY will take out 130 psychological level soon. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5966; (P) 1.6007; (R1) 1.6077; More... GBP/USD jumps to as high as 1.6143 so far in early US session. Intraday bias remains on the upside for 1.6177 resistance. As noted before, correction from 1.6309 is possibly finished after drawing support from 1.5912 as expected. Break of 1.6177 should confirm this bullish view and target 1.6309 and above. On the downside, below 1.6025 minor support will turn focus back to 1.5912 key support. Once again, sustained break of 1.5912 will dampen our bullish view and turn focus back to 1.5489 support instead. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound rallied throughout London after the release of better-than-expected UK GDP data and mixture of offers and stops at 1.6145-55 is now in focus, however, offers are still noted further out at 1.6170 and 1.6190-00 with more buy stop orders tipped above 1.6200-10. On the downside, bids from Middle East and Eastern European names raised to 1.6100 and also at 1.6075-80 with stops building up below 1.6040, more stops are tipped below 1.6020 but fresh demand should emerge around remain at 1.6000-10 and also at 1.5950-60. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/JPY – Buy at 79.50 or sell at 80.60As dollar has risen again after finding support at 79.70 yesterday, suggesting recent rise is still in progress and gain to previous resistance at 80.62-65 would be seen, however, loss of upward momentum should prevent sharp move beyond there and reckon 80.82-85 (1.618 times projection of 77.14-79.23 measuring from 77.44) would hold from here, bring retreat later. Having said that, previous resistance at 79.47 should limit downside and this week’s low at 79.23 should remain intact, bring another rise. Trade Idea: EUR/GBP – Sell at 0.8090As euro’s decline from 0.8165 (this week’s high) has gathered momentum, adding credence to our view that a temporary top has been formed at 0.8165 and bearishness remains for at least a strong retracement of recent rise, below 0.8023 support would extend weakness to 0.8000, then 0.7980 but reckon 0.7960-65 (50% Fibonacci retracement of entire rise from 0.7756 to 0.8165) would hold on first testing due to near term oversold condition. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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