GBPUSD TECHS: Trend Needle Points North
* RES 4: 1.3800 Round number resistance * RES 3: 1.3757 1.618 proj of the Feb 28 - Apr 3 - 7 price s...
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LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 13-May | 1000 | DE | ZEW Current Expectations Index |
| 13-May | -- | EU | ECB's De Guindos At ECOFIN Meeting |
| 14-May | 0700 | DE | HICP (f) |
| 14-May | 0800 | ES | HICP (f) |
| 14-May | 1340 | EU | ECB's Cipollone On Liquidity Issues Panel |
| 15-May | 0745 | FR | HICP (f) |
| 15-May | 0800 | EU | ECB's Cipollone at Payments Forum |
| 15-May | 0850 | EU | ECB's Elderson At Green Finance Conference |
| 15-May | 1000 | EU | Industrial Production / GDP data |
| 15-May | 1115 | EU | ECB's De Guindos At ISDA Meeting |
| 15-May | 1230 | EU | ECB's Cipollone In Digital Currency Fireside Chat |
| 16-May | 0830 | EU | ECB's Cipollone At EU Cyber Resilience Board Meeting |
| 16-May | 0900 | IT | HICP (f) |
| 16-May | 1000 | EU | Trade Balance |
| 16-May | 1600 | EU | ECB's Lane On Central Bank Communication Panel |
| 19-May | 1000 | EU | HICP (f) |
ASIA STOCKS: Optimism Dropping Off
Optimism may be dropping off throughout Asia with only some major bourses up again today as the trade truce remains at the forefront of investors minds. Some investors are now turning their attention to whether the trade truce means no further stimulus is forthcoming in China and hence are likely to focus on the actual impact of tariffs on company’s profitability.
- The Hang Seng was the regional outlier today, falling -1.67% whilst the CSI 300 and Shanghai were flat and Shenzhen following the lead from Hong Kong falling -0.30%.
- The KOSPI fell too by -0.15% after yesterday’s gain of +1.17%
- Malaysia was open again today after holidays but remained very quiet rising just +0.07% despite Singapore’s Straits Times being up +0.43%.
- The Philippines PSEi continues its good run rising +1.45% today.
- India’ s NIFTY 50 is down by-0.85%, following yesterday's strong gains of +3.8%
GBPUSD TECHS: Monitoring Support At The 50-Day EMA
- RES 4: 1.3550 High Feb 24 ‘22
- RES 3: 1.3510 1.236 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 2: 1.3402/3444 High May 6 / High Apr 28 / 29 and the bull trigger
- RES 1: 1.3323 High May 9
- PRICE: 1.3198 @ 06:06 BST May 13
- SUP 1: 1.3140 Low May 12
- SUP 2: 1.3087 50-day EMA
- SUP 3: 1.3041 Low Apr 14
- SUP 4: 1.2968 Low Apr 11
GBPUSD traded lower Monday as the pair extended the correction that started Apr 29. The 20-day EMA has been breached. Furthermore, a minor head and shoulders formation on the daily chart highlights a reversal and reinforces the likelihood of a corrective pullback near-term. Key support to watch is 1.3087, the 50-day EMA. The bull trigger is unchanged at 1.3444, the Apr 28 / 29 high. A break of this level would resume the uptrend.
