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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Sterling Steady as GDP Met ExpectationSterling is steady in range today as data showed GDP growth moderated to 0.7% qoq in Q3, inline with consensus. Looking at the details, services were the largest contribution and climbed 0.7% qoq. Production rose 0.5% qoq while construction grew 0.8% qoq. The data showed that growth in UK remained solid and would likely continue to outperform most of the European countries ahead. Chanceloor George Osborne said that the figures showed "the UK continues to lead the pack in an increasingly uncertain global economy". And, "with all the main sectors of the economy growing it's clear that our recovery is broadly based." Nonetheless, he also warned that "UK is not immune to weakness in the euro area and instability in global markets, so we face a critical moment for our economy." Also released from UK, index of services rose 0.8% 3mo3m in August. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5995; (P) 1.6027; (R1) 1.6060; More... Intraday bias in GBP/USD remains neutral and the consolidation from 1.5876 might extend. But in any case, as long as 1.6226 resistance holds, further fall is still expected. Below 1.5876 will extend the decline from 1.7190 to 61.8% retracement of 1.4813 to 1.7190 at 1.5721 next. Break will target 100% projections of 1.7190 to 1.6051 from 1.6523 at 1.5384. However, break of 1.6226 will bring stronger rebound back towards 1.6523 resistance instead. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency recovered on dollar's broad-based retreat against European currencies, offers at 1.2680-85 were filled but sell orders are still noted at 1.2700 and 1.2725-30, more selling interest is expected at 1.2740-50, 1.2770 and 1.2785-90, mixture of offers and stops is located at 1.2800. On the downside, bids are raised to 1.2640-50, 1.2625-30 and 1.2600-10, more buy orders are tipped at 1.2565 and 1.2550. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Buy at 0.9470As the greenback has retreated after faltering below yesterday's high at 0.9559, retaining our view that consolidation would be seen and pullback to 0.9500 cannot be ruled out, however, reckon downside would be limited to support at 0.9472 and bring another rise later. A break of indicated resistance area at 0.9559-63 would extend gain to 0.9593 but only break there would signal recent decline from 0.9690 top has ended at 0.9360 last week Trade Idea Update: EUR/USD - Sell at 1.2730As the greenback continued to meet resistance around 1.1296, retaining our view that further consolidation below resistance at 1.1366 (last week's high) would be seen and pullback to 1.1180 and then 1.1140-50 cannot be ruled out, however, price should stay above previous support at 1.1082 and bring another rise later, above 1.1300 would bring retest of said resistance at 1.1366, break there would extend recent rise from 1.0660 low to 1.1440-50 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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