14 Apr 2014; GBPUSD
With an attempt for the GU but failed to break above 1.6850 (a high in 2009), GU will find its retracement to the Fib level at 1.6757 then 1.6717. It look like a support is formed at 1.6720 region.
There is no major news in the afternoon to break the price above or below the support. It will then be in the evening during US trading period to look out for 2030hrsSGT US retail sales.
In an event if the price is sustained above 1.6700, then the GU will hovers in the region towards 1.6800. Else if the price breaks below 1.6680, GU will hit towards support at 1.6650.
CCI daily is set on a down trend mode. After over bought at 150 (>250), CCI enters the BB(14, 1.2) and also BB(14, 0.9). To further support the down trend, we need some fundamentals. The meeting from the bankers in Europe caution that not all economy are on the ways to recovery. Debt markets think the euro zone debt crisis is over and are "underpricing" the risks, Axel Weber, former head of the Bundesbank, Germany's central bank, has warned. -CNBC
The stock market opens with caution - Asian market is mixed and the European market open down. This was after last week sell off.
As such, a sell is favoured, butas the support is near 1.6717, a rebound is possible. As such sell at around 1.6740-1.6750 and take small profits or wait for break out below 1.6700 to sell and take profit at support around 1.6680.
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