 Tools for TradersTop Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action InsightDaily Report: Forex Markets Indecisive, US CPI Awaited Movements in the forex markets are not too decisive for the moment. Sterling made a bull run yesterday but there was no follow through buying. GBP/JPY is staying below 1.3929 near term resistance despite the rally attempt. GBP/JP's recovery since last week's low at 144.97 is also looking corrective. While Dollar is weak this week, Euro is not much better. EUR/USD's recovery ahead of 1.2268 minor support has been very weak so far. Aussie and Kiwi are the better performing ones. But while AUD/UD does managed to extend the near term rebound, it's starting to feel heavy ahead of 0.7892 resistance. Markets will look into US CPI today for more inspiration. Technical OutlookGBP/USD Daily Outlook Daily Pivots: (S1) 1.3858; (P) 1.3887; (R1) 1.3935; More.... At this point, GBP/USD is still limited below 1.3929 minor resistance, and bounded below near term falling trend line. Intraday bias remains neutral first. On the upside, firm break of 1.3929 will be the first sign of reversal. That is, the choppy pull back from 1.4345 could have completed at 1.3711 already. In this case, intraday bias will be turned back to the upside for 1.4144 resistance for confirming this bullish view. On the downside, break of 1.3711 will resume the decline from 1.4345 through 1.3651 resistance turned support. At this point, we'll look for strong support from 38.2% retracement of 1.1946 to 1.4345 at 1.3429 to contain downside and bring rebound. Suggested ReadingsGBP/USD Approaching Key Break, UK's Budget Next Pound Improves To 1.39, UK Budget Next Inflation In Focus Again After Weak Wage Growth Calms Markets Japanese Yen Edges Lower, Investors Eye BoJ Minutes Economic Data
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