MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% Y/Y

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

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

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Longest Losing Streak in a Year

GBPUSD TECHS
  • RES 4: 1.3228 Bull channel top drawn from the Mar 8 low
  • RES 3: 1.3142 High Jul 14 and the bull trigger
  • RES 2: 1.3045 High Jul 19
  • RES 1: 1.2965 High Jul 20
  • PRICE: 1.2823 @ 16:12 BST Jul 24
  • SUP 1: 1.2801 61.8% Fibonacci retracement of the Jun-Jul Upleg
  • SUP 2: 1.2798 Low Jul 24
  • SUP 3: 1.2751 Low Jul 10
  • SUP 4: 1.2714 50-day EMA

GBPUSD traded lower again Monday, extending the losing streak to seven consecutive sessions (the longest since August last year). This put prices briefly below 1.2801 - the 61.8% Fib retracement for the Jun-Jul upleg. A continuation lower would expose the 50-day EMA which intersects at 1.2714. The base of the bull channel, drawn from the Mar 8 low, crossess at 1.2676 and represents a key trend support. The medium-term outlook remains bullish. Key resistance is at 1.3142, the Jul 14 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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