DATED 220.5.2008
Sterling traded in a soggy tone after the MPC minutes came in as expected with members voting 8-1 for a hold in rates at 5.00% this month. Looking ahead for the day Retail sales out today expected to come in at -0.5%.
TECHNCAL VIEW FOR THE DAY 22.05.2008
pound is expected to trade in the range of 1.9660-1.9740 levels for the day. currency has its support at 1.9640 levels and holds resistance at 1.9760 levels .Chart pattern shows an formation of inverted head and shoulder formation giving confirmation on the bull trend. stochastic and RSI is also supporting the bull trend. But Momentum is indicating towards the possibility of small market correction.
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