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GBP/USD: A much deeper setback has been launched - JPMorgan

FXStreet (Bali) - The broader GBP up-trend has been dented and looks to be due for a broader setback, notes Thomas Anthonj, FX Strategist at JP Morgan.

Key Quotes

"Falling short of coming anywhere close to the next higher resistance barrier at 1.7332 (50 %/monthly Ichimoku- lagging), Cable started retreating and broke below first support between 1.7003 (minor 38.2 %) and 1.6914 (daily trend, now resistance)."

"This weakens the bullish outlook and opened the door for a broader setback to 1.6394 (int. 38.2 % on higher scale) if not to 1.6178 (weekly breakout line)."

"Only a break above 1.7105 (minor 76.4 %) would brighten the picture, whereas breaks below 1.6695/30 (pivot/200 DMA) would reaffirm the temporary bear view."

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NZD/USD is nicely above 0.85 handle; more upside in store?

NZD/USD has settled right above 0.8500 pivot with current Asian high at 0.9518; trading activity is low as traders are waiting for new triggers to emerge later today.
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