Its been a choppy ol monday with prices pretty much back where we started the day in Asia. I am mindful of the fact that the 4 hrly charts have turned against the current bullish Usd trend, with fridays closes clearly warning of a retracement, but, as i said in my inicial update the shorter tf´s just dont look right to me here...Nyk boys should be coming in soon to add life to this party.
On the fundamental side , the data cupboard is bare today with nothing of any relevance coming out of G7 over the weekend. There will be mounting speculation on the thursday meeting of Eurozone heads coming up with a possible solution to the Greek crisis.
I missed the topping formation in Eur/Gbp, but have set an alarm should we see a spike back above 0.8785.
Monday, 8 February 2010
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2 comments:
Hi Bear
Do you see GBP going to 1.57-1.5750 anytime this week?
Or should I just cut my losses now at 1.5550?
thanks
Puks
Soory mate, didnt see your question. Daily charts are bearish with price action stuck inbetween the down channel support at 1.5520 and the daily support line now resistance at 1.5625.
Fridays close was a warning of reversal, but, subsequent candle show more of a consolidation pattern whilst we sit in this area. hrly indicators have yet to cross up.
In short, I still believe there is a good chance we see a retracement back toward 1.5750. Only a break and close under the channel support would force me to change my view.
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