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Markets reacted cautiously after a provisional deal was reached on a third bailout deal for Greece. After rallying up to 1.1196 EUR/USD rebounded on technical resistance before any attempt at testing 1.12 could be made.

The US dollar was stronger on upbeat consumer data and on the back of an exodus of funds away from the euro and the yen. Markets were also bullish ahead of tomorrow’s retail sales figures.

The Chinese authorities appear to have put a floor under the brutal correction that took the index down thirty percent since the levels of mid-June. At least for the time being that is.

The euro rebounded on Friday with EUR/USD rising firmly back within the 1.1149 channel. The euro is experiencing some resistance around 1.1196 which coincides with the upper Fib resistance line.

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%.