GBP-USD trading in asian market april 6 2012

forex trading outlook today - GBP-USD trading in asian market april 6 2012 : Cable has had a small lift once Shanghai market opened with a little taste for risk, pushing equities higher and USD lower, despite the fact help could come from some Chinese officials part, as Susan Li from Bloomberg reports on her twitter account: “China's government at it again. Buys 50 million shares in Shanghai of the world's largest bank ICBC. A helping hand from the government?,” Susan said.

Last at 1.5846, the pair has stalled ahead NY session highs right below 1.5850, coming from Asian trade open at 1.5827. GBP/USD is still -0.27% lower than yesterday's open, and almost -1% for the week, with big day US NFP tomorrow, mostly expected to be above the +200k figure, and almost all the world on holidays, which will very probably bring high volatility as liquidity is dried.

For the immediate term, resistance to the upside sit at recent session and NY high as well as March 28 lows 1.5850, followed by March 29 low 1.5860 and Tuesday low 1.5890. For the downside, nearest support show at recent Thursday and March 28 low 1.5800 round followed by March 22 low 1.5770.

As AKFinancials LTD point out: “The cable is currently heading towards the outer upwards trend line off the daily. The bears want to push this pair towards the bottom of the channel around 1.5646 but before they can do so they’ll have to take out that outer trend line. This trend line can be found around the 1.27 fib level on the downswing,” the analyst says.

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