All eyes turn to Eurozone PMI data for further direction
The focus now turns towards the release of PMI data from Europe, beginning with France at 10:15 So, what are the key levels to watch out for?
Any run to the upside on data beats will require a break above the resistance region around 1.1325-30 in order to extend higher. Meanwhile, the 200-hour MA @ 1.1283 will be a key near-term support level in any event price runs to the downside. A break below that will see the near-term bias turn more bearish
As for downside support, the 1.1245-50 levels will be the next in line before 1.1210-15 and then bids at around 1.1200 will come into play.
Long position above 1.1280 with target 1.1345 & 1.1390 in extension
Below 1.1280 with target 1.1240 $1.1210.
GBP/USD: Buyers await UK retail sales to validate 1.3035/30 support
The GBPUSD pair is mostly unchanged around 1.3040 ahead of the London open on Thursday.
The quote clings to a nine-week-old upward sloping trend-line while waiting for the UK retail sales for fresh triggers.
Given the upbeat British data triggers the GBP/USD pair’s upside, 1.3070 and 1.3100-1.3108 area comprising 50-day simple moving average (SMA) and a descending trend-line since March 13, seem important to watch. It should also be noted that the break of 1.3105 can fuel prices to 1.3130 and 1.3200 during the further rally.
Alternatively, break of more than two-month-old ascending trend-line now near 1.3035/30 can drag the quote to 1.3000 and 200-day SMA level of 1.2970.
Long position above 1.3000 with target 1.3130 & 1.3200 in extension
Below 1.3000 with target 1.2970
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