European session: USD bears can't calm down.[E]

Next data issued:

06:45 FR Consumer spending, June 1.7% 0,6%

08:30 UK GDP (Q2) preliminary, y/y 2.6% 2,5% 2,2%

08:30 UK GDP (Q2) preliminary, q/q 0.8% 0,7% 0,6%

09:00 IT Retail sales, May , y/y 1.5% 2,7%

09:00 IT Retail sales, May , m/m -0.1% 0,6%

On Friday at the EU session USD continued drop versus main currencies amid mounting speculation lead by last FOMC minutes and Fed President B. Bernanke soft speech testifying a tightening pause may be imminent thus finishing two years higher rates policy.

This day main data was U.K. preliminary Q2 GDP forecast which awaits to be the highest in a 2 years. This was bullish for sterling.

EUR/USD started trade in a range $1.2625/50. After the rate touched the top border of this range it triggered stops and climbed the highest $1.2682. Offers concentrate in approach to $1.2700, stops are placed

above $1.2710. If they be taken $1.2740/50 testing will be possible. Bids are seen in $1.2620/10, and more important on $1.2550.

GBP/USD after preliminary GDP data sharply grew breaking resistance on $1.8550 and could climb offers concentration in $1.8580/85, before to recoil $1.8550. Serious resistance can be an $1.8600/10. Bids are marked on $1.8500 and amplify in approach to the session lows $1.8470.

USD/JPY while USD offers renewal has sharply dived to Y115.90 triggering stops below Y116.50 and started consolidate above Y116.10 ahead American session. Bids remain on Y115.90, Y115.65, Offers concentrate on Y116.30, Y116.90/00.

The trade will flow within the technical picture in a view of no important economy data this day. Even market is bearish now on USD it can further start consolidation or even some strengthening as recently trades

nearby important supports.