GBP/USD extends the recovery on Monday, but still remains below our major resistance at 1.6200. As we have already mentioned yesterday, price fix above here would confirm a short-term inverse head-and-shoulders with a target at $1.6500. However, the pattern lacks confirmation for now. Great Britain is scheduled to release Net Lending to Individuals data at 8:30 GMT., but the market will mostly be driven by FOMC tomorrow.
USD/JPY keeps on consolidating in the 107.50 / 108.30 range on Tuesday. We hold a long position with a stop order at 107.50. Japan will release preliminary industrial production figures tomorrow (+2.3% exp. versus prior -1.9%).
Volatility in NZD/USD will likely increase tomorrow: watch ANZ business confidence at midnight. In US session on Wednesday RBNZ policy decision will come out at 20:00 GMT – two hours after the FOMC meeting. Downside risks for the pair prevail.
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