8 Jul 2009

GU Analysis
Sterling fell against the dollar for a fourth day in its longest stretch of declines since April after the British Chambers of Commerce recommended that the Bank of England expand its asset-purchase program to revive the economy.

This morning, however, the National Consumer Confidence rose above 50points.

Today the G8 will meet, as well as UK Halifax HPI at 1600SGT.

Pound fell overnight and landed at support at 1.611, which is also the daily EMA55. There are still no sign of reversal from CCI. This suggest the possibility for GU to land lower at EMA100/ EMA200 at 1.576. Alternatively, a rebound is possible to regain level at 1.632 (EMA21).

Trend: Up, unless support broke at 1.60.