22 Feb 2010

GBP/USD Analysis:
The problem with Greece is still at the back of Euro. Asia market has open higher showing signs that traders are taking profits after the Chinese New year break.

Traders are generally cautious. I am expecting pound to keep within support of 1.53 and resistance of 1.55, which saw the pound swing in these range early this morning.

If WMA5 in the 1 hour chart can clear EMA55, potential pound can hit resistance at 1.55, but look as if WMA5 is going to squeeze around EMA21.

UK has some announcement on inflation, which more or less within expecation, so I don't see major cause for movement.