Tools for Traders Top Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action Insight Mid-Day Report: Yen Lower as Trade War Fears Recede, Euro and Sterling Surge Risk sentiments stabilized as markets reacted positively to the possibility of a trade deal between US and China. Major European indices are trading higher even though gains are only at 0.35-0.55% in FTSE, CAC and DAX only, at the time of writing. US futures also point to triple digit gains in DOW at open. In the currency markets, Yen trades broadly lower, paring much of last week's gain as sentiments stabilized. For the momentum New Zealand Dollar is trading as the strongest one for today so far. But Sterling and Euro and catching up entering into US session. Technical Outlook GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.4085; (P) 1.4128; (R1) 1.4173; More.... GBP/USD's rally continues today and reaches as high as 1.4234 so far. Intraday bias remains on the upside for 1.4345 high. Decisive break there will resume larger up trend and target 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519 next. On the downside, break of 1.3982 support is needed to indicate completion of the rebound from 1.3711. Otherwise, outlook will stay cautiously bullish even in case of retreat. Suggested Readings Major Currencies Gain Ground as Trade Fears Recede; European Equities Move Higher AUDJPY Looking Bearish In The Short-Term Despite Move Off 1½-Year Low European Markets And US Futures Higher | Oil And Gold Lower Trade War Worries Ease As Risk Appetite Rebounds Dollar Recovers After Fresh 16-Month Low Versus Yen, Trade Woes Remain In Focus Trade Concerns Remain In Focus This Week Forex Analysis: South Korea Gets Permanent Exemption On Steel Tariffs After Trade Deal With US Economic Data
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