Archived IMT (2011.03.21)
EURGBP breaks above its 100-week MA of 0.8660, and is now nearing the 0.8770 barrier alerted in the latest HotChart (see here http://bit.ly/gikAn3). Daily stochastics and RSI point to BEARISH DIVERGENCE. Tomorrows UK Feb CPI could strengthen expectations of a BoE rate hike and drag down EURGBP in the event that the 4.2% print does materialize. With UK inflation twice as much as that of the Eurozone, the case for a BoE tightening remains stronger. But all of these are details impacting the short term dynamics of EURGBP. See the HotChart here for the weekly perspective and multiple lines of support and resistance http://bit.ly/gikAn3 More negative US data (-9.6% decline in existing home sales) will not help the case for removing QE2. Silver and Gold attempting to regain their Mar 7 highs. Long term picture
remains favourable for silver relative to gold and the 38.50-70 stands as the next short term target. The metal is expected to regain its $49 high before end of this summer.
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