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Markets will be nervously eying events in China this week with particular emphasis on the Chinese authorities and any possible intervention.

Cable had its strongest day in nearly three weeks ending the week at 1.5507. GBP/USD began a steep recover early in Friday’s session reaching an intraday high of 1.5545.

China was the main theme over the session once more. Markets drew some relief after the main Chinese stock indices rebounded sharply. This followed intervention by Chinese authorities blocking institutional selling.

EUR/USD was trading under the key support at the 50-day moving average line. A break below 1.1010 precipitated further selling pressure and a fall down towards the lower support level at 1.0983.

New jobless claims were higher than expected this week. The Labor Department’s weekly report showed that new filings for state unemployment rose to 297,000.

Cable moved within a sideways range for much of the day as traders focused on global events, most notably in China. Optimism improved after the Chinese Shanghai Composite rebounded 5.7%.

The dollar was relatively flat after the publication as it provided few surprises. The committee saw the economy as being robust enough to withstand a rate (possibly in in September) while concerns over Greece were raised as expected.

Cable saw another bearish session on Wednesday plummeting 0.8% and adding to losses earlier in the week. GBP/USD slid to 1.5324 where it received support on the 200-day moving average line.