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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Sterling Jumps on Strong PMI Points to Solid Q2 Growth Sterling strengthens against dollar today and reaches as high as 1.7153 so far, extending recent rally. GBP/JPY also took out 174.09 near term resistance to resume the larger rise. EUR/GBP dips following broad based rally in the pound but at this momentum, it's holding above near term support of 0.7958. UK PMI manufacturing unexpectedly rose to 57.5 in June versus consensus of a fall to 56.7. That's the second highest level in over three years. Markit noted that "UK manufacturing continued to flourish in June, rounding off one of the best quarters for the sector over the past two decades." And, manufacturing is expected to expand in Q2, at a stronger pace then Q1's 1.5%. Elsewhere in Europe, Eurozone manufacturing PMI was revised slightly lower to 51.8 in June, unemployment rate was unchanged at 11.6% in May. German unemployment rose 9k in June while unemployment rate was unchanged at 6.7%. Swiss SVME PMI improved to 54.0 in June versus expectation of 52.6. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.7037; (P) 1.7076; (R1) 1.7143; More... GBP/USD's rally accelerates today and reaches as high as 1.7153 so far. The larger rally from 1.4813 is still in progress. Intraday bias remains on the upside for next key long term fibonacci level at 1.7332. . We'd expect loss of momentum as it approaches this level and reverse from there. On the downside, below 1.7095 minor support will turn bias neutral and bring consolidations. But outlook will stay bullish as long as 1.6952 support holds. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous	Revised
23:50	JPY	Tankan Large Manufacturers Index Q2	12	16	17
23:50	JPY	Tankan Non-Manufacturing Index Q2	19	19	24
1:00	CNY	Manufacturing PMI Jun	51	51	50.8
1:30	JPY	Labor Cash Earnings Y/Y May	0.80%	0.80%	0.90%	0.70%
1:45	CNY	HSBC China Manufacturing PMI Jun F	50.7	50.8	50.8
4:30	AUD	RBA Rate Decision	2.50%	2.50%	2.50%
7:30	CHF	SVME-PMIs Index Jun	54	52.6	52.5
7:45	EUR	Italian Manufacturing PMI Jun	52.6	53.5	53.2
7:55	EUR	German Unemployment Change Jun	9K	-9K	24K
7:55	EUR	German Unemployment Rate Jun	6.70%	6.70%	6.70%
8:00	EUR	Eurozone Manufacturing PMI Jun F	51.8	51.9	51.9
8:30	GBP	Manufacturing PMI Jun	57.5	56.7	57
9:00	EUR	Eurozone Unemployment Rate May	11.60%	11.70%	11.70%	11.60%
14:00	USD	ISM Manufacturing Jun	55.3	55.5	55.4
14:00	USD	ISM Prices Paid Jun	58	60	60
14:00	USD	Construction Spending M/M May	0.1%	0.50%	0.20%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency continued to move higher and mixture of offers and stops at 1.3670-75 (stops above) is in focus, however, sell orders are still noted at 1.3690-00, sizeable selling interest is expected at 1.3690-00 with more stops tipped above 1.3705, sellers are waiting further out at 1.3725-30 and 1.3750-60. On the downside, bids remain at 1.3640 and 1.3600-10, good size buy orders remain at 1.3570-75 and 1.3545-50, more buying interest is located at 1.3520-30, followed by mixture of bids and stops at 1.3500-10.

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Forex Trade Ideas

Trade Idea Update: USD/CHF - Sell at 0.8895

Yesterday's selloff after breaking below previous support at 0.8908 (now turned into resistance) suggests recent decline from 0.9037 top is still in progress (after a tentatively big round top formation) and further weakness to 0.8830-35 (61.8% Fibonacci retracement of 0.8703-0.9037) would be seen, however, reckon 0.8805-10 (1.618 times projection of 0.9037-0.8908 measuring from 0.9013 and 1.618 times projection of 0.9013-0.8911 measuring from 0.8975) would limit downside

Trade Idea Update: EUR/USD - Buy at 1.3650

Yesterday's rally above resistance at 1.3677 adds credence to our view that the erratic rise from 1.3503 low is still in progress for retracement of early selloff from 1.3993, hence further gain to resistance at 1.3734 and possibly 1.3748-50 (50% Fibonacci retracement of 1.3993-1.3503) would be seen, however, near term overbought condition should prevent sharp move beyond 1.3775 resistance and bring retreat later.