Intraday Market Thoughts

Archived IMT (2009.02.11)

by Ashraf Laidi
Feb 11, 2009 12:19

Sterling's losses inensify across the board after the Bank of England Governor King reiterated that the UK is in deep recession and the BoEs inflation report projected inflation at only 0.5% in its 2-yr forecast period. GBP unable to share in the euros gains after the BoE inflation report further exacerbated sterlings overnight fall, we expect prolonged losses to taper off at $1.4240. EURGBP faces additional upside after breaching above 90 pence. 90.80 stands as the incoming resistance, followed by 91.30 pence.


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