Intraday Update for EUR/USD, EUR/GBP and GBP/USD

[andy003]

GBPUSD regains keenly from 1.4397 and had a break above 1.4708 resistance, it will be better to that a short term cycle bottom has been created at 1.4397 levels on 4-hour chart. Near term support is at 1.4575, only fall below this level will acquire price back to 1.4397 supports.

[andy003]

The Pound (GBP/USD) is re-testing the low reached on Friday, after it turned down 70pips tonight. Also, some disputed that the BoE occurred in the currency market during the last week to maintain the pound’s value. A number of foreign ministers have just complained the pounds weaken.

[andy003]

There is also a triangle formation, suggesting consolidation. Short term signals are neutral. The trading range is likely to be between 1.4520 and 1.4740 today. The CCI indicator is in the neutral zone on 3 charts - 1, 4 hour, and daily.
Technical resistance levels: 1.4730 1.4825 1.4960
Technical support levels: 1.4520 1.4400 1.4250

Trading range: 1.4685 - 1.4750
Trend: Upward
Buy at 1.4699 SL 1.4669 TP 1.4739

[andy003]

If you have seen the charts, there is no trade configuration. The actual configuration is not clear enough to follow the trend.
Resistances
1,3340 - 1,3395
Supports
1,3235 - 1,3090

[tradingtips01]

UR/USD

. Dollar weakness drives EUR/USD higher
. US recovery and strong influx of foreign demand will send EUR/USD lower
USD/JPY

. Japanese government intervention to weaken their currency sends USD/JPY higher
. Gains in Nikkei and demand for Japanese assets drive USD/JPY down
GBP/USD

. High yield and attractive growth in the UK drives GBP/USD higher
. Speculation about UK adopting the euro will send the GBP/USD lower
USD/CHF

. Global stability and global recovery will send USD/CHF higher
. USD/CHF rallies on geopolitical instability
EUR/CHF

. Swiss government uses verbal intervention to weaken the franc, sending EUR/CHF higher
. If inflation took off in Germany and France it could drive EUR/CHF lower
AUD/USD

. Rising commodity prices sends AUD/USD higher
. Drought hurts Australian economy and AUD/USD
USD/CAD

. Canadian economic underperformance against US sends USD/CAD higher
. Higher interest rates and rebounding labor market in Canada will help to drive USD/CAD lower
NZD/USD

. Increased tourism and migration into New Zealand drives the NZD/USD higher
. Weakness in the Australian dollar sends the NZD/USD lower
EUR/GBP

. Speculation about UK adopting the euro will send the EUR/GBP higher
. Faster UK growth over Eurozone growth will drive EUR/GBP lower
EUR/JPY

. Fears of Japanese banking crisis will send EUR/JPY higher
. Eurozone recession will drive EUR/JPY lower
GBP/JPY

. Interest rate hikes by the Bank of England will send GBP/JPY higher
. Strong demand for Japanese assets will drive GBP/JPY lower
CHF/JPY

. Middle East conflict and volatility in oil prices will drive CHF/JPY higher
. Geopolitical stability will send CHF/JPY lower
GBP/CHF

. Interest rate hikes by the Bank of England will send GBP/CHF higher
. Speculation about UK adopting the euro will send the GBP/CHF lower
EUR/AUD

. Recessionary conditions in Australia would send EUR/AUD higher
. Rising commodity prices would boost EUR/AUD lower
EUR/CAD

. German economic rebound and Canadian weakness will send EUR/CAD higher
. Canadian economic strength and German weakness will send EUR/CAD lower
AUD/CAD

. Rate hikes by the Reserve Bank of Australia will drive AUD/CAD higher
. Droughts hurt Australia's domestic economy and will send AUD/CAD lower
AUD/JPY

. Japanese investment in Australia will drive AUD/JPY higher
. Falling commodity prices hurt Australia's economy, sending AUD/JPY lower
NZD/JPY

. External shocks to Asian tourism such as SARS and North Korea risks will send NZD/JPY higher
. Decline in immigration will hurt New Zealand's growth prospects and send NZD/JPY lower
CAD/JPY

[tradingtips01]

Let's talk a moment about GBPUSD. We want to see how we are going to trade this for the long term before we really get into the trades.
Looking at the chart we notice that this pair is in a long term uptrend. It starts at the beginning of March this year and has been climbing up since. It has moved over 3000 point and it will continue to move. We expect to capture another 1000 to 2000 points on this pair.