Intraday Market Thoughts

Archived IMT (2010.10.22)

by Ashraf Laidi
Oct 22, 2010 19:32

GBPUSD & GBPCHFCOMBO. STERLING was not spared by the market this week, faring as the biggest loser among a group of currencies month-to-date, week-to-date and today. More losses are seen ahead. I warned on Monday that it would be an austere week for GBP based on the spending review and expected QE2 vote by MPCs Posen. The disappointing CBI data and unexpected decline in retail sales did not help either. While the GBPUSD HotChart remains valid eyeing $1.5555 & possible $1.53, TAKE A LOOK AT GBPCHF longs as a possible hedge for GBPUSD shorts. WEEKLY & DAILY GBPCHF suggest interim upside extending to prelim target of $1.55 & 1.57. Such is a possible combo trade, which would be especially fuelled by further USDX gains towards 79.50s.


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