Europe trading sharply lower ahead of Economic Data, Asia closed mixed

Asian markets closed mostly lower on Friday and failed to pick up steam from the U.S markets which closed in a positive territory. However, the Nikkei 225 which dived more than 5% yesterday did manage to close with a gain of 1.37%, but still down over 4% during this week. Most traders do believe that the recent plunge in the Nikkei was down to the appreciation of the Yen against the dollar, and increased volatility in the bond market

GBP/USD- Upward move stopped at Resistance Level

The GBP/USD pair is falling from its resistance level on a 30 minute time frame. This resistance level was given in our analysis on 29th May. The price is trading above the 50 day (shown in green) and 100 day (shown in yellow) moving average which shows that the bulls have taken the control. Moreover, the price is also trading in an upward channel which further strengthens the above argument.