GBP

British Pound Bias: Down

Pulled between good data (positive GDP, construction, inflation data and retail sales surprises) and dovish rate expectations.

Consumer consumption may be stronger than expected due

Continued inflation adds inflationary pressure for a rate increase coming soon.

While tied to Europe trade the GBP less likely to suffer from EU travails than the EUR or CHF

Policy makers believe slack in economy will keep inflation in check despite better growth, and inflation remaining over the maximum target 3% for the past 5 months.

GBPUSD nearing strong resistance at 1.5600 zone, which has resistance points of its 61.8% Fibonacci level at 1.5611, its 50 day SMA immediately above.

Here is the GBP 1 hour chart seems to be defining price nicely.
http://img840.imageshack.us/img840/7700/image66.png

Could do anything at this particular point I think. Let's get the stress test results out of the way and then see what happens.

Meanwhile, Catnip has timed his short pretty well. +~60 pips at time of writing.

very interesting reading back through the last weeks comments, seems we've all noticed 'unusual' activities, could we be looking at a cable trend reversal here? cable has broken its upper trendline resistance and held it. -and holding the 38% fib from may lows. 15536 is my main resistance level from daily nov'08.