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In last week we were optimistic for a drop to 1.50 and we wrote “Sellers will get back on 5380/5420 and as long as one does not pass over these points, the trend remains bearish. The stoploss is above 5430 for the sellers’ and finally after consolidating above 5280, parity has returned to finish 5420 at the end of 5578.

The pound Sterling with optimism following the disappointments of the European currency since after all the good news last week, the English currency is pressed upward by crossing 5420 and thus return to the 5420/5720 range. Range we had left earlier in the financial deterioration of France.


For now, the rise this weekend, is the moment that an outflow of principle positions of lower sales before the outcome of the case of the Greek debt.

Indeed, if an agreement is signed then Europe should breathe and England also, restoring strength to the pound. Or one can think that there will be no agreement, for then it could mean the collapse of the country and a possible cataclysm that would reflect on the pound as the euro.

Nevertheless, and if at the beginning of the week, we may stay in limbo, the area of 5420/5380 will serve intermediate supports. And as long as we remain above these levels, we are buyer for 5680/5720 and 1.60 for the first quarter of 2012.

A passage in 5370 and parity would return to low levels of last week in 5280/5250 to 1.50 know.
Our tip for the week are bought over 5380/5420 and sell below 5370.

We buy 5420/30 and 5720/80 to 55620/80
We sell 5380/5420 to 5250/5080 and 5020
We buy 5250/30 to 5380/5420

Statistics that can influence the currency pair

January 25 FED rate
January 25 Bank of England
January 27 US GDP

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Tags: analysis, Currency, forecast, Forex, gbp, technical, USD

This entry was posted on Monday, January 23rd, 2012 at 6:19 am and is filed under Technical Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.