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Action Insight Market Overview	Markets Snapshot
Daily Report: Yen Mildly Lower as Stocks Selloff Stabilized, UK GDP in Focus Yen is mildly lower against other major currencies as Asian equities recovered from a three week low. This week's selloff as triggered by another rout in China seems to have temporarily stabilized. The MSCI Asia Pacific, outside Japan, index dropped as much as -0.8% earlier today. Nikkei is also nearly flat at the time of writing after dropping to as low as 20070.62 earlier today. US equities were also broadly lower with DJIA closed down -127.94 pts, or -0.73% at 17440.59, below 55 weeks EMA. The index is now at a juncture and deeper selloff will confirm medium term reversal. In other markets, gold is still struggling slightly below 1100 handle. Crude oil's decline continued and breached 47 level. Back to the currency markets, dollar remains the weakest major currency as markets await FOMC statement. Full Report Here...
Featured Technical Report
GBP/JPY Daily Outlook Daily Pivots: (S1) 191.09; (P) 191.64; (R1) 192.28; More..... Intraday bias in GBP/JPY remains neutral for the moment. We're viewing price actions from 195.86 as a sideway consolidation pattern. Thus, while another rise cannot be ruled out, strong resistance should be seen around 195.86 to limit upside and bring reversal. Below 190.53 will turn bias back to the downside for 184.95 and possibly further to 61.8% retracement of 174.86 to 195.86 at 182.88. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

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GMT	Ccy	Events	Consensus	Previous
08:30	GBP	GDP Q/Q Q2 A	0.70%	0.40%
08:30	GBP	Index of Services 3M/3M May	0.50%	0.50%
12:30	CAD	Industrial Product Price M/M Jun	0.20%	0.50%
12:30	CAD	Raw Materials Price Index M/M Jun		4.40%
13:00	USD	S&P/Case-Shiller Composite-20 Y/Y May	5.30%	4.91%
14:00	USD	Consumer Confidence Jul	100	101.4

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency maintained a firm undertone after intra-day rally to 1.1114, however, offers are still noted at 1.1120 and 1.1160, more selling interest is tipped at 1.1185 and 1.1200. On the downside bids are seen at 1.1040-50, 1.1020 and 1.1000, more buy orders are expected at 1.0980, 1.0965 and 1.0940, buying interest is located at 1.0900, 1.0880 and 1.0860, fresh demand should emerge around 1.0820-25, 1.0800 and 1.0785, mixture of bids and stops is seen at 1.0750 barrier.

Trade Idea: EUR/GBP - Target met and buy at 0.7070

The single currency did resume recent decline in line with our bearish expectations, our short position entered at 0.7130 met target at 0.7030 as price dropped to as low as 0.6936 before staging a strong rebound. This strong rebound suggests a temporary low has possibly been formed at 0.6936 (a tentatively diagonal triangle wave v) and consolidation with upside bias is seen for retracement of recent decline, above 0.7160-65 would extend gain to 0.7200-05

Trade Idea: USD/CAD - Buy at 1.2900

As the greenback rallied after brief pullback, suggesting recent wave iii is still in progress and bullishness remains for further gain, above last week's high of 1.3103 would bring headway to 1.3150-60, then 1.3200, however, loss of upward momentum should prevent sharp move beyond 1.3250-60 and price should falter below 1.3300-10 today, bring correction later. We are keeping our count that complex wave iv from 1.2835 ended at 1.1920 and wave v is underway