Intraday Market Thoughts

Archived IMT (2010.08.17)

by Ashraf Laidi
Aug 17, 2010 18:17

GBPUSD RESTS RIGHT ON THE 2-month trend line support at $1.5565-70, following the all-important July inflation figures (see prev IMT). This is the GBPUSD equivalent of last weeks EURUSD trendline support, which held up at $1.3740s. GBPUSD does remain above its 200-day MA ($1.55), but has yet to break above $1.57, which is the 55-WEEK MA as well as the trendline resistance from the August high. Failure to regain $1.5680s could be seen as technical signal to drive down below the vital $1.55 trendline support, which would be made possible by another fundamental event such as todays soft CPI figures. BIAS IS NOW SLANTED against cable, with all eyes on the prelim support of $1.55. EURGBP seen capped at 0.8320s.


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