Friday, 8 April 2011

Forex: GBP/USD, pushing against 1.6400 resistance

FXstreet.com (Barcelona) - The Pound has retraced the whole decline from March 22 to March 28, bouncing from 1.5930 to reach to 1.6400 resistance area, - 2011 high- under pressure ahead of the London session opening, as the Sterling reached 1.6405 high so far.

Above 1.6400 (March 22 high), the Pound night find resistance at 1.6460 (Jan 2010 high) and then 1.6500 (Psychological level). On the downside, support levels are 1.6315 (day low), and below here, 1.6255/60 (Apr 6/7 lows) and 1.6215 (intra-day level).

GBP/JPY retreat from 139.60/70 highs earlier this week found support at 137.85 low yesterday, and the pair bounced up on Asian session to pare loses and return to 139.60/70, 11-month highs, under pressure at the moment.

Asian markets up, Nikkei shudders after a new quake

 

FXstreet.com (Barcelona) - Asian markets have mostly gone higher on Friday with the Nikkei Index shaken after a new earthquake hit Japan, triggering panic on investors with the country still struggling to take control over troubled Fukushima nuclear complex.

The Nikkei Index dropped 0.6% on early trade, right after a 7.1 magnitude earthquake hit the North East area of the country, and bounced to 1.5% positive on afternoon trading in Japan, favoured after Fast Retailing Co revised upwards its net profit outlook after heavy losses over the last two quarters.


Australia, the ASX index advanced 0.4%, while Hong Kong Hang Seng Index added 0.6% and China's Shanghai Composite rose 0.4%. On the negative side, South Korean Kospi Index edged 0.1% down.



Euro rallies after ECB rate hike


The Euro has rallied across the board after the ECB hiked its benchmark interest rate fro the first time since mid 2008. EUR/USD rally from 1.4020 last week has extended to fresh 13-month highs above 1.4400. EUR/JPY regained 122.00 level.


GBP/USD has retraced the whole decline from March 22 to March 28, as recovery from 1.5930 area extended above 1.6355/65 highs to reach to 1.6400 resistance area, -the 2011 high- which s being tested right ahead of London session opening.


USD/JPY has remained trading sideways between 84.60 support area and 6-month high at 85.50, consolidating after having rallied from 76.25 lows on mid-March. 

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