Forex: GBP/USD upside capped at 1.5600

FXstreet.com (Barcelona) - The sterling is hovering over 1.5580/85 on Monday, retreating from session highs after another failed attempt to follow through the key resistance at 1.5600.
There is no activity in the UK markets today, with the pound expected to follow its European counterpart as markets continues to digest Friday’s Payrolls numbers.

GBP/USD is now up 0.17% at 1.5582 facing the next hurdle at 1.5603 (high May 3) followed by 1.5607 (high May 1) and finally 1.5690 (high Feb.13).
On the downside, a breach of 1.5505 (low May 3) would expose 1.5480 (low May 3) and then 1.5467 (low Apr.30).

May 6, 2013

Forex Flash: EUR/USD needs a break below 55-day MA to confirm trend reversal lower – Commerzbank

The EUR/USD was held by its two month support line at 1.3047 last week, having previously been rejected by hefty resistance at 1.3225/43 (50% retracement and Wednesday’s high). Commerzbank analysts believe that a break back below the short term uptrend at 1.3047 should still be seen in the near future but a fall through the 55 day moving average at 1.3027 is still needed to confirm a trend reversal lower, though. “In this case the 1.2977/54 support area (24th April low and the 200 day ma) will be in focus”, wrote analyst Karen Jones, adding that failure here will concentrate efforts on to 1.2839 (78.6% retracement of the move up in April, then the 1.2740 recent low), while resistance comes in between the mid-April high at 1.3202, the four month resistance line at 1.3221 and the April peak at 1.3243.

Forex: USD/JPY close to Friday’s high at 99.27

The USD/JPY is trading quite slowly today, but towards the upside as the lower 99 held the market with a narrow and sidelined Asian session. Ahead of the European session, the pair jumped back to its highs of 99.20 and even extended to 99.25. Friday’s high was at 99.27.