Euro retains a buoyant tone after the passage of the two Greek austerity-related votes and ECB President Jean-Claude Trichet’s repeated comment of ‘strong vigilance’

<p>The focus today remains on European releases. GBP/USD Range: 1.6008 – 1.6095 Support: 1.6000 Resistance: 1.6100 Sterling closed in New York at 1.6052, off recovery […]</p>

The focus today remains on European releases.

GBPUSD
GBP/USD
Range: 1.6008 – 1.6095
Support: 1.6000
Resistance: 1.6100
Sterling closed in New York at 1.6052, off recovery highs of 1.6095 after the rate was pressed down from Asian highs on Thursday of 1.6118 to European lows at 1.5973. The rate squeezed down to 1.6006 as risk in general was sold off in reaction to the release of weaker-than-expected Chinese PMI data. The rate recovered in tandem with euro-dollar, marking Asian highs at 1.6066 into Europe, with Europe taking it on to 1.6074. A break of this level will expose that recovery high at 1.6095. Offers noted between 1.6095/00, a break to open a move towards 1.6118 with offers to 1.6120. Above here, the rate can push towards 1.61335 ahead of 1.6155. Support at 1.6000 ahead of 1.5970.
EURUSD
EUR/USD
Range: 1.467 – 1.4553
Support: 1.467
Resistance: 1.4553
Euro-dollar closed in New York at 1.4502, off extended recovery highs of 1.4538. The rate initially edged to an early high of 1.4512, before profit-related selling emerged to squeeze the rate down to 1.4467. Recovery to 1.4485 was quickly knocked back to retest the earlier low. However, the dip again attracted decent demand, with the rate lifting back towards 1.4500 and dipping to 1.4485 before attracting stronger demand that took the rate on to session highs of 1.4526 ahead of the European open. Offers in place towards 1.4555; a break of 1.4560 opens a move towards 1.4600. Support remains at 1.4467, then at 1.4448 ahead of 1.4430.

GBPUSD
GBP/USD
Range: 1.497.00 – 1.502.70
Support: 1.490.00
Resistance: 1,514.00

 

Both gold and silver slipped lower yesterday as the second positive Greek vote led to a return of risk, buoying equities and weakening the dollar. Safe haven demand for the metals waned, along with some end-of-the-month, quarter squaring up of longs which weighed on the metals. Gold slipped to 1,498.80 from earlier highs of 1,514.00, while silver was down to 34.45 from 35.14. The metals opened in Asia at 1,500.70 and 34.69 respectively and have both eased back this morning. Gold slipped to 1,497.40 before settling around 1,499.00, while silver was marginally lower at 34.49. Support for gold is at Monday’s low of 1,490.80 and at $34.05 for silver. Resistance is at 1,514.10 and 35.14.

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