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25 January 2006

Consolidation after the major moves of Monday...

Unsurprisingly we are seeing a bit of consolidation after the major moves of Monday, with cable holding above the 1.7810 support, and GBPEUR sitting close to 1.4500.

Data for today includes the German IFO Business Climate survey at 09:00, followed by the minutes of the last Bank of England meeting at 09:30. If some members voted for a cut in rates we could see further sterling weakness against the Euro. UK Q4 GDP also comes out at the same time, and again, a disappointing figure could hurt sterling.

GBP EUR - Support 1.4500, 1.4475 then 1.4350
Resistance 1.4610 then 1.4680

GBP USD - Support 1.7810, 17745 then 1.7700
Resistance 1.7890, 1.7905 then 1.8150

Posted at: 10:08

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