Intraday Market Thoughts


by Ashraf Laidi
Jul 24, 2013 19:34

Is sterling ready for 2 consecutive positive quarterly gains y/y? GBP traders await Thursday's all important release of Q2 GDP (4:30 ET, 8:30 GMT, 9.30 BST) expected +0.6% q/q from +0.3% q/q and +1.4% y/y from +0.3% y/y. Will the recent rally in GBP content with a figure matching expectations? Or, will the y/y figure has to be above 1.5%? GBPUSD failed the 61.8% retracement for now, but remains underpinned above the confluence of the 55-DMA and 100-DMAs. 30 mins before the release of the UK GDP is the July German IFO survey, each of the 3 components is expected to rise but private economists are cautious with disappointing figures considering recent anecdotal data.  

2 of our 3 longs in GBPJPY hit all targets as did 1 of our 3 GBPUSD longs. The theme of this week's Premium Insights focused on GBP Gains. USDJPY also remain on track. EURUSD trades were scaled down, shifting the focus onto EURJPY (2 of 2 hit all targets this week) and onto EURGBP. All these trades are in the Premium Insights.
Act Exp Prev GMT
Expectations (JUL)
102.5 102.5 Jul 25 8:00

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