1. News: BoE has a vote of 7-2 and therefore it seem for the moment that interest rate is not going to be cut.
US will be having Thanksgiving Holiday.
2. Stock Market: The world market plunged, ranging from Asia to Europe to US. All closes anything from 1.33% to 2.5%! Hang Seng has 4.5%!
3. Major Currencies: USD show sign of weakening against all major currencies.
4. Technicals: From the daily chart, the up is gaining momentum, should CCI cleared the second BB line, a high chance of going up. From the 1 hour chart, formation of a double bottom. WMA5 dip below EMA200 and rebounded above EMA200. Now supporting it and after yesterday battle that seem that the buyers has won, lies EMA200 and EMA100. EMA21 failed to go below EMA200 and indicate further a likelihood for going up. Resistance at 2.0700 and support at 2.0520.
4. Personal Assessment: All play now lies at the EUrope market today. GBP has a news on Bussiness Investment, which has been on the rise - a positive effect on GBP, but this is not a strong news. US stock market is close and with yesterday dip, the momentum will contiune. Technically, it will be a matter of when the GBP break up. From the indicators watch out for CCI to bit the second BB line and for EMA21 to rebound off EMA200. The formation of a double bottom from the 1 hour chart has indicated that the battle was won by the buyers.
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