On the hourly chart the pair has broken the uptrend drawn from the April 3 low at 0.9373

On the hourly chart the pair has broken the uptrend drawn from the April 3 low at 0.9373. The pair is also right on the 38.2% retracement of the move from 0.9205 to 0.9461 at 0.9363 and a failure to re-claim this level could suggest short positions. At midday we get a raft of Chinese economic data, with retail sales (expected to grow 12.1% yoy), fixed asset investment (+18%), industrial production (+9%) and Q1 GDP (+7.3%). The economist range for GDP is 6.8% to 7.7%, which seems fairly wide for a number that is usually so accurately predicted. Comments from a Chinese state researcher yesterday suggest the print should be in-line with consensus.