Archived IMT (2010.09.01)
STERLING's NEW BOE REALITY. The underlining negative of the British pound continues to be the Bank of Englands insistence that inflationary pressure remain temporary, as well as the emergence of BoEs new MP member, Martin Weale, whose double-dip forecasts for UK reduced expectations of a 2010 rate hike. GBPUSD remains unable to regain its 200-day MA of $1.5432, Failure to CLOSE above $1.5430, it will retest $1.5325, which is the 38% retracement of the rise from the $1.4230 low to the $1.6000 high. Bulls continue to face trend line support at $1.5480.
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