Posted by: Babu Suresh | October 8, 2009

GBPUSD-081009

Hello friends,

Hope the week has been going well for all of you.

GBPUSD-081009Pound has been trading in a tight range, trying to find direction from all the fronts; some call it consolidation. Today the whole market will be eagerly waiting for BOE’s announcement on Interest rate, undoubtedly it will have some impact on Pound. I would be much disappointed if they don’t increase the interest rate today because neither of their policies have so far helped improving their economic situation. They have less choice but to face the harsh realities for it would take years to mend their past mismanagement.

GBPUSD-1-081009Technically speaking, Pound has been trading without much strength. While 1.58 has been giving good support till now, chances are better to test 1.56. Any relief rally upwards this week has little scope to last for long subject to the outcome of today’s proceedings at BOE and market is not much concerned about the interest rate but clarity from the BOE’s Chief on his stance towards weaker Pound.

Probable Supports: 1.5856, 1.5802, 1.5710; Resistances: 1.6071, 1.6125, 1.6181, 1.6246

Healthy And Wealthy Trading

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