DislikedHi All,
Ran across this in my travels. Pretty interesting view on the cable. Thought I would share. Have a GREAT weekend and be safe!!
MG
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"GBP/USD has now reached critical medium-term trend-line support dating back to August, and as such, moves over the next few days should provide
a clearer picture of the direction the pair decides to take. A break and close below the trend-line support which comes in just under today"s lows at 2.0330 would trigger a fresh round of selling to open a retreat back to the 2.00 handle.
ALSO>>>>>>
11:50 GMT November 16 Tripped sell stops below 2.0400-05 and 2.0380 helped depress cable to 24-day lows just shy of 2.0350 during the European morning, as the pound continued to suffer on UK rate cut fears. The probability of a 25bp UK rate cut to 5.5% as early as next month has risen on the back of yesterday"s disappointing UK retail sales data and Wednesday"s dovish BoE inflation report.
If there is a UK rate cut on December 6, it is unlikely to be a one-off
"insurance" move as per August 2005. A leading French bank is forecasting that the UK base rate will be 4.5% at the end of next year.
The Nationwide forecasts that annualized UK house price inflation will fall
to zero next year, from 9.7% at present (Times website).
2.0335 (100-day moving average) and 2.0320 (2% MA band) are support points south of 2.0350. Sterling resistance levels include 2.0407 (today"s Asian session base), 2.0418 (yesterday"s floor), 2.0455, 2.0483 and 2.0500-05.
US TIC data is due at 14:00GMT today. Minutes from the November 7/8 BoE MPC meeting will be published next week (Nov 21).Ignored
Anyway... out of positioning... long term trading now... concentrate on INTRADAY.... BULL or BEAR... just FOLLOW Money Management wisely guyz... gurlz as well
DislikedAhmadinejad: OPEC Members Interested in Converting Cash Reserves Into Non-Dollar Currency
http://biz.yahoo.com/ap/071118/opec.htmlIgnored