UK Prime Minister was placed in the intensive care. As a result, the British pound plummeted dramatically today.
Market updates on July 29
Information is not investment advice
- The Chinese yuan suddenly weakened during the Asian trading session, pushing USD/CNH to the highs above the 200-period SMA on the 4-hour chart. The pair has been testing the resistance levels which lie at 6.8958-6.8988. If the resistance zone is crossed, the next resistance for the pair will lie at 6.9080. In the case of the fall, pay attention to the 6.8858 (200-period SMA) level. After that, the next support will lie at 6.8798. The pair is awaiting the releases of Chinese manufacturing PMIs on Wednesday and Thursday and the restart of trade talks between the US and China on July 30-31.
- The British pound has been going down on the fresh worries over the no-deal Brexit after UK Secretary of state for foreign affairs Dominic Raab said the EU is being stubborn and if the European policymakers don't change their attitude, Great Britain should prepare for a no-deal Brexit. At the moment, GBP/USD is testing the support at 1.2335 on H4. If it's broken, the next support level will be placed at 1.2285. In case of a reversal, pay attention to the resistance level at 1.2399. After that, the 1.2419 level will be the next target for bulls.
- The Turkish lira has strengthened ahead of the European trading session and retested the support at 5.6132. The next support for USD/TRY pair on the 4-hour chart will lie at 5.9446. After that, the retest of the lows from the July 4th at 5.5708 seems possible. In case of the reversal, the pair may test the resistance level at 5.6544 near the border of the descending channel. The next resistance will lie close to the crossover of 50- and 100-period SMA at 5.67.
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