The Sterling had a fairly positive day as May PPI input at 3.8% showed the fastest annual rate of costs increase since 1986, reiterating inflation fears on concerns producers will pass the price pressures on. RICS House Price balance better than expected falling to -92.9% .Looking ahead for April Industrial Production is expected at 0.1%.
TECH VIEW FOR THE DAY 10.06.2008
Pound is expected to give a downward correction for the day. With the trading range of 1.9630 -1.9740 levels. Good support is seen at 1.9600 levels and key resistance is seen at 1.9780 levels. stochastic signals for the downward movement of the currency supported by Momentum. But an element of caution is required as the currency is still trading above the fast moving averages.
Pound is expected to give a downward correction for the day. With the trading range of 1.9630 -1.9740 levels. Good support is seen at 1.9600 levels and key resistance is seen at 1.9780 levels. stochastic signals for the downward movement of the currency supported by Momentum. But an element of caution is required as the currency is still trading above the fast moving averages.
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