Intraday Market Thoughts

Archived IMT (2010.05.10)

by Ashraf Laidi
May 10, 2010 13:36

GBP is 3rd BIGGEST LOSER in FX today (after JPY and USD). David Camerons Conservatives have signalled a willingness to partner their way into a majority but have not succeeded in ridding markets from what could be a prolonged period of hung parliament. The ensuing rally in global equities could well see another bounce in GBPUSD extending towards $1.5, but the presence of the trend line resistance at $1.5110 (from the Apr 27 high), is unlikely to be breached without a successful Tories/LibDem coalition. EURUSD faces imeediate resistance at $1.3140.


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