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GBP outperforms as the strong April...........>
FOREX: GBP outperforms as the strong April seasonal trend plays out
- JPY crosses triggered fresh appetite in Europe lending support to the majors.
GBP & AUD were the standouts in G10, up 0.57%/0.42% respectively.
- The strong seasonal trend continued in Gbp/Usd, rate moved through the
200-week ma to near 3-month highs of $1.4296. The YTD high at $1.4345 provides
key resistance, also worth noting is that Gbp/Usd last closed above the 200-week
ma in Oct2014. Eur/Gbp eased to Gbp0.8628 with support from the 1.0% envelope
10-dma holding for now.
- Aud/Usd traded above the 100-dma to $0.7804 and will look to challenge the
$0.7815/30 area (200-dma, 2-mth falling resistance line).
- Eur/Usd tracked Eur/Jpy and was largely held to a narrow $1.2317-46 range.
Meanwhile, the cross touched Y132.90 and seen approaching the 100-dma (Y133.07).
- Usd/Jpy moved through Y107.50 triggering further bullish technical signals.
The next target is the upper end of the ascending channel currently intervening
at the 108.00 level. Nzd/Jpy moved through the 200-dma to Y79.61, Cad/Jpy
touched Y85.71 (Y86.21 - 100-dma).
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.