GBP/USD was under negative pressure, but found some support at 1.4750 as the UK Q4 GDP was revised a bit to the upside. Pound rose versus euro, and that helped. But EUR/GBP found some support at 0.7240. There are some indications that the pair is trying to base, but the pound looks shaky, the bulls lack strength, and we can’t rule out the decline to 1.4700. A rather strong downtrend resistance is at 1.4900. The dynamics in the coming sessions will be data-dependant. Britain will release manufacturing PMI (08:30 GMT). Also note that British pound remain under pressure ahead of the UK parliamentary election on May 7 and amid the polls showing that no party will be able to form the government on its own.
USD/JPY had an active rebound on Monday, but found resistance in the 120.00/50 area. Japan will release Tankan manufacturing & services indexes early on Wednesday, and the expectations are quite positive. The pair may spend time in the 120.50/119.00 range. Support is at 119.55. The next resistance is at 120.80 and 121.20.
On Wednesday the Asian session will be rich with economic data. Don’t miss Australian building permits (00:30 GMT) & China’s manufacturing PMI (01:00 GMT). AUD/USD slid to 0.7590. Australian currency continues to look quite weak targeting 0.7500 and lower. Resistance has moved from 0.7760 to 0.7700. Traders continue to expect the RBA to cut the interest rate soon, and this clearly undermines Aussie.
Recommended Content
Editors’ Picks
EUR/USD holds gains above 1.0700 as USD struggles ahead of data
EUR/USD is posting small gains above 1.0700 in the European session on Thursday. The pair remains underpinned by a sustained US Dollar weakness, in the aftermath of the Fed policy announcements and ahead of more US employment data.
GBP/USD stays firm above 1.2500 amid US Dollar weakness
GBP/USD is consolidating the rebound above 1.2500 in European trading on Thursday. The pair's uptick is supported by a broadly weakness US Dollar on dovish Fed signals. A mixed market mood could cap the GBP/USD upside ahead of mid-tier US data.
Gold price trades with modest losses amid positive risk tone, downside seems limited
Gold price edges lower amid an uptick in the US bond yields, though the downside seems cushioned. A positive risk tone is seen as another factor undermining demand for the safe-haven precious metal.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.