Intraday Market Thoughts

Archived IMT (2010.02.26)

by Ashraf Laidi
Feb 26, 2010 16:00

UK gilt yields showing a extreme bearishness on a price and oscillator level SEE CHART suggesting the ongoing weakness in GBP is here to stay. GBP is now the worst performing currency over the month-to-date, year-to-date and over the last 6-months when compared to the top traded 11 currencies. GBPUSD is now 7% below its 200-day MA, showing all the technical signs for further damage onto the $1.5050 and $1.48. Gold defies our bearish call for the week, now facing resistance at 1120., a break of which will call up the next barreier at 11134.


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