9 July 2007 Forecast

The following forecast is based on Singapore Time, on GBP, EUR, JPY and USD

GBP/USD

The are no big news affecting GBP, except PPI. But in my opinion, with the expected increase in oil prices, PPI will increase, therefore the impact on GBP/USD will not be that great.

Looking at the technical chart:

I expect the GBP/USD to go south, I put no figure to take profit, but watch out when the price hit EMA21 on the daily chart or when CCI hit the first BB. When that happens, a reversal may take place and GBP/USD may take a new high.

EUR/USD

After 3 black crows and a big white, I expect the EUR to go side way. Similar, I expect a dip first before a big movement up.