GBP

AUD is under a huge bearish pressure for their current figures and possibility warfare at the Eastern Sea between China and Japan though.

Unemployment rate is set to be out tomorrow, in all honesty and with all respect to you Ashraf, maybe a revision on your perspectives of the pair breaking below 1.49 would be sensible

For the GBPAUD under discussion my comment "Recent pivot low was at 100% pattern symmetry" this low was made on 2nd Jan since when we have seen a weak rather choppy rally up which may or may not develop into something stronger. The point being that "pattern symmetry" refers to the potential completion of a simple 3 wave corrective structure. In this example the statement would be bullish for the GBPAUD, subject to the 100% symmetry low holding.

Cloud, my chart pattern comments referred to a comparison between Ashraf's charting and my charting for the gbpaud. I feel sorry if tech analysis bores you because this site is a combo of techs and fundamentals.

Fitch have said they will review the rating for UK after the Spring budget which seems to make sense, perhaps the other rating agencies will be like minded.

Triple dip recession talk is a load of nonsense. If truth be known the UK and most western economies have effectively been in recession for several years now in the current deflationary deleveraging environment. Its just a case of blips along the way viz a viz the technical definition of recession.

Recent weakness in the pound has more to do with european repatriation of massive funds flowing into London last year. After all you will have noticed that Draghi saved the euro and the EU (ha).

With regard to the gbpusd pair the US has had some positive economic stats in recent months, more so than the UK. Markets react to perceived short term fundamentals, not the macro position.

Its pretty futile attempting to guess currency directions more than a few weeks ahead. We shall be seeing massive QE and financial engineering for the next few years at least for UK, US, EUR, JPN, not to mention China's position in all of this. Both rallies and retracements shall continue in all currency pairs, both directions. More so with the currency war which is now developing.

Ashraf, no dispute with the fundamentals but my trend support drawn from march low @ 1.4554 through August low @ 1.4709 comes in at 1.4870 on today candle. Recent pivot low was at 100% pattern symmetry below which the 127.2% ext is at 1.4780.

no more bond auctions, bone auctions