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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 3054
Posted: Feb 22, 2010 5:00
Comments: 3054
Forum Topic:
GBP
Discuss GBP
$1.5750s appear to face intermittent selling for $1.57 objective. The 1.5750 coincides with the 100-day MA which proved more successful in triggering turnarounds than 200-day MAs.
This GBP strength is likely to extend further against EUR and AUD, with 0.8150 and GBPAUD also appears to be a positive play based on Aussie's flood damage, the RBA's expected reluctance to tighten further and the stickiness of UK inflation shutting the door to any QE3 this year. GBPAUD eyes interim targets at 1.5990. Gold may extend gains towards $1400, but shorts see more downside at those levels with preliminary target at 1355, followed by 1310. - Jan 12 12:44
Ashraf
if UK banks are free from PIIGS bonds trouble. Of course for cable weakening USDx is main driver. However 80.4 to 80.5 should be a buy for USDx. Thus I still wait a bit because all risk indicators are extremely low.