Intraday Market Thoughts

Archived IMT (2010.12.17)

by Ashraf Laidi
Dec 17, 2010 14:18

THE NEW STERLING REALITY; as GBP drops on deteriorating Eurozone news - the latest of which is Moody's multinotch downgrade of Ireland (not Greece as I mstated earlier). I mentioned on Wednesday GBP was already the worst performing currency of the day and the week due to UK banks exposure to Ireland/Portugal/Spain (Barclays at GBP 94 bln). Adding to this is the BoEs report expressing more concern with the economy and financial system than in May and Nationwides consumer confidence index falling to 45 in November from 52, lowest since March 2009. GBPUSD HITS $1.5520 WEDNESDAY CHART TARGET , a break of which to call up prelim $1.5420. Key target stands at $1.5275. This daily bearishness is also supported by the slow stochastics. EURGBP breaks above 200-day MA of 0.8520 but will need to CLOSE THE WEEK above this level to fuel further gains next week. MORE DETAILS ON MY JAN 23 FULL DAY COURSE Click here:


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