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Welcome to the FXReturn.com London Forex Market Call for June 1st.,2011. GBP/USD: Closes near the lows of the session as the market rejects the 1.6500 handle. A close above the Fibonacci 38.2% retracement level which resides at 1.6525 will maintain the markets bullish posture with the April 27th. high at 1.6745 as the next upside objective. A close, however, below 1.6390 which is the Fibonacci 61.8% retracement level will encourage a wave of selling down to the May 25th. pivot low at 1.6057. Technicals have entered into overbought territory and funds are net short which could put some downside pressure in this weeks trading | GOLD: Closes near the lows of a quiet session, but above the 10 day average maintaining the markets bullish posture ...

Market Review - 31/05/2011 19:41 GMT

The single currency rises as Greece may avoid debt restructuring

The single currency rose to a three-week high of 1.4424 on Tuesday after news report that Germany was considering dropping its push for an early Greek debt restucturing.

Euro jumped from 1.4279 in Australia as Wall Street Journal reported that Berlin has made concession that it must lend Greece more money, even without burden-sharing by bondholders in the short term, would help Europe overcome its impasse over Greece's funding needs before the indebted country ran out of cash in mid-July.

The single currency maintained a firm undertone in Asian and European sessions, price ...

[B]British Manufacturing PMI printed 52.1 points, weaker than 54.2 that was expected. This reflects a further slowdown. GBP/USD drops sharply, losing support.[/B]

GBP/USD now trades at 1.6417, down from almost 1.65 before the release. Support at 1.6430 was pierced through. The next support area is the region of 1.6280 to 1.63, which is still far.

Read the rest of the article [B][I][URL="http://www.forexcrunch.com/gbpusd-loses-support-on-weak-manufacturing-pmi/"]GBP/USD Loses Support on Weak Manufacturing PMI[/URL][/I][/B]

[B]EUR/USD remains at a safe distance above high support as hopes that a Greek deal will be published as soon as tomorrow boost the common currency. Also US weakness aids the pair. We have important US data towards today. Here’s a quick update on technicals, fundamentals and what’s going on in the markets.[/B]

EUR/USD Technicals

Asian session: An active session saw the pair move further away from the 1.4375 support line, and bounce off resistance at 1.4450.
Current range 1.4375 to 1.4450.

Read the rest of the article [B][I][URL="http://www.forexcrunch.com/eurusd-june-1-remaining-strong-as-greek-deal-awaiting/"]EUR/USD Remaining Strong As Greek Deal Anticipated Soon[/URL][/I][/B]