The economic data calendar is overall very light

<p>The economic data calendar is overall very light, which should make for subdued conditions normally, but the market will be wary of comment on the […]</p>

The economic data calendar is overall very light, which should make for subdued conditions normally, but the market will be wary of comment on the eurozone, especially the Greek debt issue.

GBPUSD
GBP/USD
Range: 1.5288 – 1.5327
Support: 1.5280
Resistance: 1.5340

Cable closed in New York at 1.5318 on Friday, having seen lows of 1.5234 in New York as the rate was pulled lower by euro-dollar, with triggered stops fired off on the break below 1.5270 adding further weight. The rate was marked lower alongside euro-dollar into early Asia, opening trade at 1.5288 before getting pressed down to session lows of 1.5273. Strong demand set back in place ahead of 1.5270. Sovereign interest reported, cushioning the move and allowing the rate to recover through the session to a high of 1.5330, closing any gap caused by the disparity in the New York close/Asia open. Offers in cable seen placed between 1.5340-1.5350. Bids remain between 1.5280-1.5270, though stops mixed in below 1.5280.

EURUSD
EUR/USD
Range: 1.2626 – 1.2668
Support:1.2625
Resistance:1.2665

Euro-Dollar closed at 1.2678 in New York on Friday, having seen lows of 1.2624 following leaked reports of the later confirmed S&P downgrades, as well as concerns over Greek debt talks. The rate opened into Asia at 1.2647, with pressure on the euro again emerging as strong sell pressure emerged. This move lower took euro-dollar to overnight lows of 1.2626, but again encountered decent demand around the 1.2625 area, with demand interest in the area between 1.2620-1.2600, with some linking this to protection of sizeable barrier interest at 1.2600. The rate recovered, filling any gap left by the New York/Asia close/open, settling between 1.2630-1.2655 ahead of the European open. Bids now at 1.2625-1.2600 with stops below, offers now at 1.2660-1.2665.

Gold
Range: 1631.88 – 1643.41
Support:1,625.50
Resistance: 1,650.00

Gold prices fell back on Friday on the back of a stronger dollar following the S&P downgrades of nine European states, but the tone was somewhat set in the morning with profit taking emerging in Europe ahead of the news, as markets opened with a small rally in the euro ahead of the Italian auctions. The metal lost ground from the open, slipping to 1,635 in Asia before bouncing back to 1,649. New York then opened with downward pressure resuming and the metal slumped to lows of 1,625.50 before a rally into the close to 1,639.50. Asian markets have seen an initial dip to 1,631.60, before recovering to 1,642.25 and settling around 1,641.50. Today’s support is at 1,625.50 and 1,605.50, with resistance up at 1,650 and Thursday’s high of 1,662.15.

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