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Forex: GBP/USD frozen around 1.5800 handle

Cable has been extremely quiet during the Asian hours, unchanged from previous weekly close Friday last at 1.5800 round, inside a tiny trading range 1.5784/1.5808. For the last 5 hours, the pair has been inside a 10 pips range, while all local markets but Australia and NZ were closed over holidays, and at exact same price it was 2 weeks ago by Jan 25.

With Eurogroup meetings taking place today in Brussels as main risk event for the day following the holiday in Asia, FTSE futures point for a flat open up +0.09%, ahead of tomorrow's UK CPI YoY. According to latest COT, commercial/hedgers traders have turned into net longs for first time since reached 1-year record high net short positions in Pound by late Dec last year, while speculators were holding the other side. As CMT and FXstreet.com Independent Analyst Fan Yang notes: “A return above 1.59 is needed to provide a short-term bullish outlook. Otherwise, the next support is likely near 1.55, 78.6% retracement and lows from June-July 2012 consolidation,” the analyst concludes.

Immediate resistance to the upside for GBP/USD shows at recent session highs as April 05/10 lows 1.5808, followed by Jan 25 highs at 1.5827, and Friday's highs at 1.5844. To the downside, closest support lies at recent session lows 1.5784, followed by Thursday's highs/Jan 31 lows at 1.5774/70, and Jan 30 lows at 1.5724.

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In a very slow Asian session, which was characterized by the closure of key financial centres in China, Hong Kong, Singapore (Chinese new year celebration) and Japan (foundation day), currency movements were choppy and erratic on twilight trading conditions. The Japanese Yen stood at the leader of the G10 pack following Friday's great performance - with Japan's Aso headlines still resounding - , while the Aussie was the main laggard on poor housing data.
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