10 Aug 2009

GU Analysis:
1430hrs SGT
Today is an absence of news, so is all technicals.

Friday, US market rallied again, gaining a good 113 points. This morning, Asian market is up with a further boost from Japan better than expected economic data.

Morning saw the pound move up high to 1.672, but came down shortly just before Europe market opening.

From technicals, support is at 1.662/1.665 region, which is also the daily EMA21. Break this line, we will get the next level of support at 1.651, then 1.640

A poosible rebound off EMA21 will bring pound to 1.678, then 1.694.

CCI just cleared the bottom line of the BB, so setting a downward direction. But a upward pressure is also possible.

Trend: Up, Most likely moving side and trading in the range of 1.672 and 1.662.