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Forex: GBP/USD goes under 1.5500

The GBP/USD had already breached below the 1.5500 handle during the London morning, to 1.5492 low, but the psychological level pulled the market back up for the rest of the period. Now, as the US leads the FX market, the pair went under again, and is extending losses (to 1.5483, as of writing).

Initial jobless claims in the US came in lower than expected, at 341K instead of the 360K consensus. Continuing claims also improved, at 3.114M instead of the 3.200M expected.

"Technical readings in the hourly chart mostly flat as per the lack of interest around this level. 20 SMA acts as short term resistance around 1.5520, while daily low has been set so far at 1.5490, immediate support", wrote Fxstreet.com indepedent analyst Valeria Bednarik, pointing to other supports at 1.5445 and 1.54410.

Forex Flash: EUR/USD should hold at 1.3327 intraday – TD Securities

The EUR drag pulled the rest of the European currencies lower in sympathy as "broad weakness in GDP readings across the Eurozone (the lowest figures since 2009) confirmed even deeper recessionary conditions than expected and provoked a sharp selloff in the EUR". TD Securities analysts observe price action denting further the well entrenched bull trend in place since November. "For EUR/USD, the 40-day moving average (at 1.3327)—which has been provided key support in recent months—is currently being tested", wrote analysts Shaun Osborne and Greg Moore, expecting that area to hold intraday, but a break lower would look to support at the bottom of the bull channel near 1.3255/65. 
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Fundamental Afternoon Wrap: EUR & JPY take center stage

During the countdown to the US open we took a look at this afternoons research. Unlike this morning where GBP was in sharp focus, this afternoon sees a distinct focus on Europe following soft GDP data, and Japanese monetary policy, with the G20 starting tomorrow.
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