The closing sentiments and price levels of the Fx majors and Cross rates in general has been a stronger indicator that the continuation from the Asian opening sessions have indeed been negative for the USD. With the gains made from the recent Chinese reports of growth have made investors shift confidence on the European currency particularly the Euro strength and bullish traders gain momentum and stayed on as of this writing.The USDX lower start have prompted the Euro to move higher back to its 1.2880 important levels that may soon make a follow-through trend higher. Although, some persistent analyst have maintained a short on rally stance. the current 81.80 bp price coming from an 82.47 high have been more influential. Whatever economic indicator and news coming out this week would be adding the fuel for a continuation lower for the USDX nearing an important support level of 79.90-80.10 Meanwhile the GBPUSD has been on a consolidation and lower trend bias every time it touches it 1.5550 average price and is currently at the 1.5383 levels.
The cross EURGBP has indeed confirmed our market view outlook since September 02 and still maintain our positions and overall sentiments at this time. Please take note that we only do make such position adjustments whenever there maybe a speculative movement before it may happen. As the case of the long positions taken last September 02 where significant up and down swings were seen from a 0.8380 high and a low at 0.8200 major support price and is currently at the 0.8360 trend line resistance. This would be penetrated within the week supported with volumes and momentum build-up from institutional players and hedge fund investors.
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