GBP/USD Analysis:
The GBP/USD shedded more than 160 pips as an aftermath of disappointing releases, dragged down by Euro.
The German Ifo Business Climate came in lower than expected and lower than the previous release. With strikes going on by the airlines, recovery may be bogged down.
US CB Consumer Confidence suffered a setback. Lower than expected, lower than the previous release, it caused the Dow to fell more than 100 points.
Today brings more releases to test the fragile sentiments. Featuring releases such as Industrial New Orders for the Euro and New Home Sales for the US. Fed Chairman Bernanke is due to testify too.
Yesterday Accuracy report: Indeed the pound attempt 1.555, it hit high at 1.557, but fell back to 1.54 below the 1.550 support line after setback in news releases.
Today: Support now stands at 1.540, which can easily breach and the next at 1.530, possible if the news releases are less positive.
Resistance is at 1.548, then 1.555.
In a most likely situation, pound will stay within 1.540 and 1.548 before the news releases. General sentiments are bearish.
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