Archived IMT (2010.10.07)
OIL BREAKS OUT OF 83 RESISTANCE, VALIDATING THE UPWARD BREAK break featured in the DIAMOND CHART in my article of 2 days ago. This not only paves the way for 86.50-87 per barrel but also opens door for 1.0020 and 0.9980 in USDCAD. ****** GBP LOSSES WERE THE RESULT of 3 things :
1) Institute of Directors Asking BoE to Pump 50 bln in Additional QE
2) IMF says UK may have to STOP ITS SPENDING CUTS if these are a danger to growth (something not Credit Rating Agencies want to hear)
3) Leak by UK Treasury to the FT that spending cuts may in fact be delayed.
GBPCAD LOOKING TO TEST 1.6 support and onto 1.5970, while EURGBP BREAKS 12-MONTH TREND LINE of 0.8740s, eyeing 0.8860s. IF UK INDUS PROD data today disappoints, GBP LOSSES should turn ugly. I AM AT THE STOCKHOLM ECONOMIC EXPO til end of week so updates will be less frequent than usual. WIll be Debating Euro with Gavekal's Charles Gave.
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