Market Outlook-30th Jan ‘09
Pardon me if you will, i am still going to be stubborn and keep my outlook as the same as it was yesterday, for today. So, all the ra-ra is the same, but the numbers have changed for gbp/usd. I am going to give a bit more of a bigger range today as it is the last day of the first week of the month, hence i expect abit more of volatility.
I am also going to tone down my expectations of the pair hitting the 1.40 level, let alone the 1.37 level as i sense lots of reinforcements and buybacks on the GU level, which i am not able to explain. However, for 2 days in a row, we have seen the 1.4400 area tested before it crashed again. Therefore, no prizes for guessing the numbers as i sense strong resistance there and will play along.
Bottomline
Gbp/Usd – (bearish bias) – Short around 1.4330-1.4400 area Tp – 1.4210
Eur/Usd – (bearish bias) – Short around 1.2950 area. Tp – 1.2910 (i expect this pair to be ranging)
Happy Trading,
Seeni
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Seeni J G
