MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Approaching The Bear Trigger

GBPUSD TECHS
  • RES 4: 1.2406 High Jun 16 and a key resistance
  • RES 3: 1.2332 High Jun 27
  • RES 2: 1.2166/2293 50-day EMA / High Aug 01
  • RES 1: 1.2004/1.2088 Low Aug 5 / 20-day EMA
  • PRICE: 1.1815 @ 17:13 BST Aug 19
  • SUP 1: 1.1792 Low Aug 19
  • SUP 2: 1.1760 Low Jul 14 and the bear trigger
  • SUP 3: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing
  • SUP 4: 1.1600 round number support

GBPUSD remains soft and the pair continued to weaken Friday. Thursday’s sell-off resulted in a move below support at 1.2004, Aug 5 low. The break lower strengthens a short-term bearish condition and the focus is on the key support and bear trigger at 1.1760, the Jul 14 low. A break would confirm a resumption of the broader downtrend. Key short-term resistance is unchanged at 1.2293, Aug 1 high. Initial firm resistance is at 1.2004.

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