MNI China Daily Summary: Thursday, April 25

MNI BRIEF: China Opposes Accusations Of Overcapacity - MofCom

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Higher At 7.1058 Thurs; -4.80% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1058 THURS VS 7.1048

MNI: UK CBI APR DIST TRADE REPORTED SALES -44

France Manufacturing Sentiment Reverses Year-To-Date Gains

MNI: FRANCE APR MANUF SENTIMENT AT 100

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Bear Trigger Remains Exposed

GBPUSD TECHS
  • RES 4: 1.2495 76.4% retracement of the May 27 - Jun 14 downleg
  • RES 3: 1.2406 High Jun 16 and a key resistance
  • RES 2: 1.2332 High Jun 27
  • RES 1: 1.2256 20-day EMA
  • PRICE: 1.2115 @ 06:20 BST Jul 5
  • SUP 1: 1.1976 Low Jul 1
  • SUP 2: 1.1934 Low Jun 14 and the bear trigger
  • SUP 3: 1.1795 0.764 proj of the Mar 23 - May 13 - 27 price swing
  • SUP 4: 1.1777 Low Mar 26 2020

The trend outlook in GBPUSD remains bearish and last week’s move lower reinforces bearish conditions. The focus is on the key support at 1.1934, the Jun 14 low and bear trigger. The primary trend direction is down and a break of 1.1934 would confirm a resumption of the trend. This would open 1.1795, a Fibonacci projection. Initial key resistance to watch is unchanged at 1.2406, Jun 16 high. First resistance is at 1.2256, the 20-day EMA.

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