GBP/USD Analysis
Going straight to the technicals, a squeeze has began, keeping the pound within the range 1.6130 and 1.609.
The Eur seems not affected by what is happening in Mid east and Japan. Seems like the debt issue is also forgotten. the pound may take cue from the Euro, meaning that since the Euro has maintain a support and stay above 1.41 and 1.42, the pound will also stay at support at above 1.6 or 1.61
The news that is reported recently in this week seems to support the rally for the pound to rebound.
Looking in details at the CCI34, the trend is for the pound to go lower, but is nearing the end. The immediate support is at 1.609, then 1.600.
With 2 days of down, the pound may rebound before going to the support.
Friday, March 25, 2011
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