GBP continued to depreciate as the EURGBP traded at a record high of 79.73 pushing the Sterling Pound down by 8.2% for the first quarter. The pound also slipped for a third day against the dollar, as signs the worldwide credit squeeze is hurting the economy prompted traders to bet on an interest-rate cut next week by the BOE. PMI manufacturing is expected to come in at 51, previous 51.3.
TECHNICALS FOR THE DAY
Pound is expected to trade in the range of 1.9740-1.9920.With key resistance seen at 1.9940 and support is seen at 1.9720.Widen band width is giving a indication for the market to be highly volatile but stochastic and relative market strength index is giving an indication of bearish trend to continue for the day. Currency is also trading well below the fast moving average which is confirming the downtrend.
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