|Reading||-9.2%q/q; -20.0% y/y|
|Reading||5.1% 3m/3m; 5.3% y/y|
|Reading||-0.7% m/m; 2.1% y/y|
|Reading||0.7% 3m/3m; 0.4% m/m|
|Reading||2.2% q/q; 6.6% y/y|
|Reading||0.5% q/q; 2.3% y/y|
|Reading||-0.5% m/m; -0.4% y/y|
|Reading||0.4% m/m; -17.5% y/y|
|GBP/USD Intraday Technical Analysis|
|GBP/JPY Elliott wave count and Fibonacci levels for March 2, 2012|
The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.3330 suggesting a decline. However a break of these levels will allow it to reach the upper limit of its channel - 1.3440.
Technical indicators provide sell-signals but are approaching to the oversell zone suggesting a rebound. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events, the market will indicate a bullish opportunity as soon as the spot rate has broken its resistance at 1.3330 with the 1st objective of 1.3390, then 1.3410. A break through 1.3310 will invalidate this scenario.
analytical expert: Albert Fitoussi
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