Intraday Market Thoughts

Archived IMT (2010.08.19)

by Ashraf Laidi
Aug 19, 2010 12:14

STERLING AVOIDS DIPPING below its 200-day MA of $1.55 thanks to stronger than expected 1.1% rise in July retail sales as well as smaller than exp public sector borrowing. Subsequent rally in cable seen capped at $1.5680, a level that could be reached during afternoon London trade, but watch out from the increasingly habitual pullback in sterling after the London close, thus a reversal towards $1.5580s. Any break above $1.5690 is seen capped at $1.5730. EURGBP downtrend remains intact, with hourly wedge w/in 0.8270 and 0.8210, a break below which calls up 0.8140. USDCAD eyeing 1.0220 target from yesterday, with path strengthed in the event of NO DISAPPOINTMENT from Canada leading indicators index due at 14:00 GMT.


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