MNI China Daily Summary: Monday, July 29

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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

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Has Breached The 20-Day EMA

GBPUSD TECHS
  • RES 4: 1.1738 High Sep 13 and a key resistance
  • RES 3: 1.1590 High Sep 14
  • RES 2: 1.1468/1495 50-day EMA / High Oct 5 and the bull trigger
  • RES 1: 1.1380 High Oct 13
  • PRICE: 1.1328 @ 06:16 BST Oct 14
  • SUP 1: 1.1215 20-day EMA
  • SUP 2: 1.0924/22 Low Oct 12 / 50.0% of Sep 26 - Oct 5 bull cycle
  • SUP 3: 1.0787 61.8% retracement of Sep 26 - Oct 5 bull cycle
  • SUP 4: 1.0541/0350 Low Sep 28 / All Time Low

GBPUSD traded higher Thursday, extending the bounce from Wednesday's 1.0924 low. The recent move lower appears to be a correction. A continuation higher would signal scope for a test and possible breach of 1.1495, the Oct 5 high and bull trigger. The pair is through the 20-day EMA and this has improved short-term conditions for bulls. A resumption of weakness would instead expose 1.0922 and 1.0787, Fibonacci retracement levels.

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