Intraday Market Thoughts

Archived IMT (2009.04.22)

by Ashraf Laidi
Apr 22, 2009 16:28

Concerns over surging planned UK treasury guilt sales of 220 bln exceeding forecasts of 150 bln bear negative implication for sterling, especially as the Debt & Mgmt Office stated that weak sterling to help alleviate the possibility of failed guilt auctions. Sterling is weakest performing currency of the day, just ahead of Kiwi. Todays breach beyond the $1.4530 target, calls for next level at $1.4380. The FTSE-100 Hourly Chart head&shoulder formation remains valid with 4,050 resistance (right shoulder) looming. Validity of 4,050 resistance underlined by right shoulder, left shoulder as well as the high from April 6th.


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