The Sterling was sold heavily into the European session on the back of woeful Nationwide house prices which fell and recovery came on the back of stronger CBI Distributive trades realized coming in at -14 vs -25 forecasted.
technical view for the day(30.05.2008)
Pound is expected to trade sideways for the day. Currency has its support at 1.9710 levels and resistance is seen at 1.9820 levels. Trading range is expected between 1.9720-1.9805 levels. stochastic is at overbought levels and Momentum supports the bearish trend but an element of caution is required as it is trading on the moving average.
No comments:
Post a Comment