Intraday Market Thoughts

Archived IMT (2010.02.25)

by Ashraf Laidi
Feb 25, 2010 12:55

The GBP damage remains the headline of the day (see previous IMT) amid rising expectations of further quantitative easing from the Bank of England. GBPUSD bottoms at the $1.5273--50% retracement of the rise from the Jan 2009 low to the Oct 2009 high. Any recovery is seen capped at $1.5345-50. GBPJPY faces more losses at 135.20. Speculation that S&P would downgrade Greece credit rating weighed on EUR but the $1.3445 support continues to hold for now. AUD follows GBP in being the worst performer of the day, whose lower lows in the weekly chart suggests a possible testing of 0.8775 in AUDUSD. Gold immobile around 1090, with 1060 preliminary target intact, followed by 1035. View Ashraf's interview on CNBC yesterday discussing GOLD & EURUSD bZ6Fwz


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