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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
eurgbp bounced off the trendline support, previously resistance drawn from Oct high through Jan high.
NO BoE RATE HIKE EXPECTED on Thursday, but market is split between the tightening occurring in April and May. A surprise rate hike is highly likely drive cable towards $1.6300s but UNLIKELY to see the close above the oft-mentioned unclear $1.6350-70 trendline resistance, which every serious trader must be aware of in this important currency pair.
ALSO WATCH OUT FOR UK MANUF OUTPUT at 9:30 am GMT, usually a market- mover (see calendar for expectationshttp://bit.ly/ 5pdFAN ) More on the tactical options on EUR vs GBP and ECB vs BoE in the HotChart (That EURGBP Again) http://bit.ly/ gikAn3
US Weekly Jobless Claims have been increasingly attributed to major USD Thursday moves, so those are worth a look EUs vote on EFSF build-up and US retail sales are both on Friday. SEE PREV IMTs for those levels in EURUSD, AUDUSD and NZDCAD.
Ashraf
EURGBP REMAINS well under the 2 year and 10-month trendlines as shown in the LATEST HOTCHART (That EURGBP Again), while more interestingly, the price is under those trendlines as well as the 100-week MA of 0.8623, See HotChart for more detailhttp://bit.ly/ fW8qGj
Ashraf
Click here for more detail http://bit.ly/gikAn3
GBPUSD adds to selling but traders ought to watch out for those typical 70-80 pip rebounds off the highs, especially ahead of Thursdays BoE meeting.
Ashraf
Equally strong resistant at 86.72 above which is my stop. Lets see how this plays out....
K
insofar QE2 is a credit easing facility. It is so far limited to USD 600 bln of bonds buying.
8530/50 would provide strong support for move to 8800 level in coming days....
What is your view on eurgbp now that it closed above 85.80 and broken through 86.00. Do you still maintain bearish view to 81.00 and if so where do you see the bearish view to be invaldated i.e where should stops be placed?
Kam