Action Insight Mid-Day Report 7-29-19

Sterling in Free Fall as Johnson's Government Steps Up Hard Line Brexit Rhetorics

Action Insight Daily Report 7-29-19 Sterling in Free Fall as Johnson's Government Steps Up Hard Line Brexit Rhetorics Sterling drops broadly today as the new government is starting step up their hard line rhetorics on Brexit. Australian and New Zealand Dollar are also weak as markets await US-China trade negotiations that start tomorrow. Expectations for the talks in Shanghai are so far rather low. Swiss Franc and Yen are the strongest ones on mild risk aversion. Investors are generally turning cautious ahead of Fed's rate on Wednesday. Dollar and Euro are mixed for now. Technically, GBP/USD's decline accelerates after taking out 1.2391 key support firmly. It's heading to 1.2154 projection level first and then 1.1946 low next. GBP/JPY breaks 133.85 support to resume recent fall, targeting 131.15 low. EUR/GBP is targeting 0.9051 resistance. Based on current momentum this level could be taken out to resume larger rise for 0.9101 key resistance next. In Europe, currently, FTSE is up 1.68%, thanks to free fall in Sterling. DAX is up 0.12%. CAC is up 0.07%. German 10-year yield is down -0.0194 at -0.393. Earlier in Asia, Nikkei dropped -0.19%. Hong Kong HSI dropped -1.03%. China Shanghai SSE dropped -0.12%. Japan 10-year JGB yield rose 0.0034 to -0.147. Full Report Here SNB site deposit had largest weekly rise since May 2017 UK Johnson said EU position on Irish backstop needs to change... UK Raab: Easier to get a good deal with EU after... Japan Cabinet Office revises 2019 fiscal growth forecast to just 0.9% CBI: Both UK and EU are under-prepared for no-deal Brexit US-China trade negotiations to restart on Tuesday, expectations are low Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol FOMC Preview – Expecting -25 bps Cut From a Divided Fed CFTC Commitments of Traders – Traders Raised Bets for Higher Precious... CFTC Commitments of Traders – Gains in Long Bets Narrowly Outweighed... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2353; (P) 1.2406; (R1) 1.2437; More... GBP/USD's decline accelerates to as low as 1.2285 so far today after taking out 1.2382 support firmly. Medium term fall from 1.4376 has already resumed. Intraday bias stays on the downside for 61.8% projection of 1.4376 to 1.2391 from 1.3381 at 1.2154 next. Break will target 1.1946 low. On the upside, above 1.2391 minor resistance will turn intraday bias neutral first. But recovery should be limited by 1.2558 resistance to bring fall resumption. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Open – Trade Talks, Hong Kong, Oil, And Gold Big Week For The US EURGBP Flies Above Ichimoku Cloud, RSI Overbought Boris Is Playing A Tactical Game Mergers And Acquisitions Dominate FTSE Trading Gold Pushed Back, Sellers Disagree With New High Dollar Lifted By US GDP, Eyes Fed And Trade Talks, Pound Tumbles On No-Deal Brexit Risk Fed Meeting And Trade Talks To Dominate This Week’s Action EURUSD Looks For A Rebound Near Lower Bollinger Band Fundamental Analysis | Technical Analysis In-depth Reports Japan- Korea Trade Tensions - Removal of Preferential Treatment to Korea Signals Trade Tension Should Escalate ECB: Right Back Where We Started From RBNZ: OCR Limbo... How LowCan It Go? Brexit Update - New PM, Old Challenge RBA to Cut Cash Rate to 0.75% in October & to 0.50% in February A Flashlight for the FOMC Blackout Period Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Retail Trade Y/Y Jun 0.50% 0.20% 1.20% 1.30% 8:30 GBP Mortgage Approvals Jun 66K 66K 65K 66K 8:30 GBP Money Supply M4 M/M Jun 0.10% 0.20% -0.10%

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