Forex: GBP/USD trading positively at 1.5111/15

FXstreet.com (Barcelona) - The GBP/USD has crept up after bottoming out in the 1.5076 region (session low) during European trading Wednesday. After some soft economic data earlier today out of the UK, the pair managed to drift higher into positive territory to trade at 1.5111/15 in these moments.

At this juncture the cross is operating a modest +0.6% above its opening. ICN.com analysts identify corrective measures of resistance 1.5145, then 1.5190, and finally the 1.5225 handle. Conversely, supports for the GBP/USD will initiate at 1.5080 onto 1.5035 and ultimately 1.4990.

According to the ICN.com Technical Analyst Team, “The GBP/USD dropped and is currently trading around 1.5080 levels after failing to stable above 1.5190 earlier. The bearish move might extend as the stochastic offers overbought signals – trading below 1.5190 is negative now while stability below 1.5145 is further supports negativity.

Apr 3, 2013

Forex: USD/JPY higher but limited below 93.69

Having reached as high as 93.69 during the Asian session, the market erased gains and went as low as 93.34 to test for support ahead of the European opening. Then, a new test of the highs confirmed resistance there, pulling the USD/JPY to the 93.50 area.

Forex: EUR/JPY erases gains back to 119.75

Investors are cautious ahead of the BoJ and despite some movement, from 119.46 low to 120.18 high, the EUR/JPY is biased to a flat trading today and fell back to the opening price of 119.75. The entrance of the US market may change the mood as the economic calendar will provide the update of the ADP employment in March, which may be used as an indication for tomorrow’s nonfarm payrolls. The ISM non-manufacturing PMI in March is also due today. The economic calendar released the preliminary report of EMU CPI in March, coming in at 1.7% from 1.8%, as expected.