Intraday Market Thoughts

Archived IMT (2009.06.07)

by Ashraf Laidi
Jun 7, 2009 14:57

SHOOTING STAR ALERT: GBP/USD weekly candle chart shows a typically bearish formation known as a shooting star, whereby an initial high early last week prove unsustainable, ultimately leading to a close that is substantially lower. UK Labour Partys crisis helped initiate last weeks sell-off, but any extended decline in equities would quickly punish the already shaky sterling. Cable could potentially test an initial target of $1.5750, followed by 1.5550, with declining resistance at 1.6150.


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