Start your Binary Trading income NOW!!!

Sponsored by Nuffnang.com

Wednesday, November 29, 2006

Sterling Outlook (29th November 2006)

Sell orders ahead of 1.9550 (Dec 2004, 12-year high) capped cable at a new 23-month peak of 1.9545 during today's Asian session. The sell orders may have included option-related interest, re: a rumoured decent size 1.9550 exotic option barrier.

Stops are pegged above 1.9550. Profit-taking on long positions was attributed as the cause of sterling's early Europe drop to lows just shy of touted bids at 1.9470 (Monday's high). 1.9512 was today's Asian session base. Further demand is tipped at 1.9460. Stops were previously flagged sub-1.9450, with more bids noted at 1.9425. UK consumer credit and mortgage lending data surprised on the upside in October.

This is good news for hawks forecasting another 25bp UK base rate hike to 5.25% in February. US annualized Q3 GDP is expected to be upwardly revised to 1.8%, from a 1.6% advance estimate, when the preliminary number is disclosed at 13:30GMT. US October new home sales will be revealed at 15:00GMT. Forecast: 1048k. The Fed's Beige Book ensues at 19:00GMT.

No comments: