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Jul 16 2008, 6:30
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Member ![]() ![]() Group: Membre Actif Posts: 16 Joined: 15-July 08 Member No.: 6,973 Broker: no Skype: no Demo/Real: Demo Leverage: 1:1 |
Updating time : 16/07/2008 00:36 GMT
GBP/USD - 2.0053...Cable rallied to its highest since May at 2.0162 y'day on dlr's broad-based weakness n also stronger-than-expected CPI n RPI data which implied that the BOE wud refrain fm cutting interest rates in order to combat inflation, however, the British pound retreated later in the day to 2.0011 on profit taking n cross unwinding vs yen on risk aversion (as DJI fell 93 pts). Although y'day's retreat fm 2.0162 suggests minor consolidation below there wud be seen initially, this move is viewed as a correction of recent upmove n as long as 1.9988/90 (50% r of 1.9814-2.0162 n prev. minor res) holds, mild upside bias remains for a rebound, however, break of 2.0114 (reaction high made y'day around the beginning of Fed chairman Bernanke's testimony) is needed to signal erratic rise fm 1.9361 has once again resumed for re-test of 2.0163 n then twds 2.0193. Looking at the daily chart, only a daily close abv 2.0193 wud extend gain twds upper lvl of the broad established range of 1.9337-2.0399. Below 1.9988/99 wud risk stronger retrace. to 1.9962 (38.2% r of 1.9712- 2.0162) n 1.9932 (y'day's low) but 1.9881 (prev. res) shud hold, yield rebound. ![]() |
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Jul 16 2008, 6:30
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