19 Feb 2010

GBP/USD Analysis:
With last night after trading hours annoucement of Fed raising the interest rate by a quater of a percent, the dollars rally against the Euro and the pound.

The pound hit the resistance at 1.58 and broke the support at 1.553. With that the momentum is for the pound to test the next support at 1.536. At noon SGT, the price is 1.5426.

There are a number of afternnon Euro news and will the bear continues, with Greece problem still unsolved?

Some retracement may occurred at support line at 1.536, the price may be ranged within 1.55 and 1.53 for today. Therefore it will be good to short near 1.55 and long near 1.53, taking profits within range.