GBPUSD, H1
The dollar traded tad firmer in the wake of the US data releases, which included an above-median durable goods orders figure for May. EURUSD eked out a fresh four-session low at 1.1606, and USDJPY a four-day high at 110.34. An impressive rebound in S&P 500 futures, which is now up over 0.1% after showing losses of nearly 1% at the intranight-session lows, has been a backdrop support for the dollar, especially against the Yen. The narrow trade-weighted USD index (DXY) is up by 0.3% on the day, at 94.95. News that the Trump administration will turn down its confrontational approach to China a notch or two, with Treasury Secretary Mnuchin repeating that the US won’t single out China per se in foreign investment rules, has helped revive sentiment in equity markets.
Cable gave up 1.3200 earlier today, breached S1 at 1.3178 and then the news has moved the pair down to day lows under 1.3150. Next support (S2) sits at 1.3135, 1.3110 (June 21 low) and S3 at 1.3080.
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Stuart Cowell
Senior Market Analyst
HotForex
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