Intraday Market Thoughts

Archived IMT (2011.01.21)

by Ashraf Laidi
Jan 21, 2011 15:59

EURGBP BREAKS ABOVE 0.8450 so what does it mean? Ive pointed out in my latest Reuters Video that 0.8450 was the immediate resistance. Now that we broke it this level, the remaining barriers stands at 0.87s, which is the longer term trendline, extending from the Oct high thru the Dec high. A lower resistance would be found at 0.8580, which is the 55-week MA. GBP strengthening remains built on higher inflation and the possibility of a rate hike this year. EURUSD extends gains above $1.3550, eyeing the next resistance at $1.3640, with the weekly chart suggesting possible additional gains next week into $1.3720.


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