Archived IMT (2009.01.26)

EURUSD unlikely to repeat last week's wobbly tone especially ahead of the zero-bound FOMC. Interim resistance stands at $1.3250 but more challenging obstacle stands at 50-day MA of $1.3320. GBPUSD made its obligatory bounce from the latest 23-year low of $1.35, but gains are increasingly capped at $1.3980. The clue rests in EURGBP, where a close above 0.9430 see calling up 0.9650. Tuesday's IFO (9 am GMT) will be key catalyst in propping EURGBP.