Friday, February 10, 2012


The Euro erased its earlier losses against the British pound. Both the Bank of England and the European Central Bank left their key interest rate unchanged at 0.5% and 1.0% respectively. The BoE boosted the size of its asset-purchase program by 50 billion pounds.

As per market expectation, BoE keep interest rate unchanged.  And injected 50 billion pounds into the market.
GBP fall and therefore EUR/GBP rise.


Last done 1.5808.
Next Support 1.5700.
Resistance 1.5890.

Market pattern: sideway between 1.5890 - 1.5730

If GBP/USD fall below 1.5800 and this support turned into resistance, there is a possibility that GBP/USD continue to face downward pressure towards 1.5700-730 and then 1.5600.

Short or Long
Short at 1.5850, SL 1.5890, TG 1.5730. 
Long at 1.5700-730, SL 30 pips, TG 1.5830.

Read: Bank of England Boosts Its Stimulus


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