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British Pound Cross Pick 03.08.2011

British Pound Cross Pick 03.08.2011

2011-03-08 16:35:00
David Song, Currency Strategist
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After sitting pat on the GBP/JPY, we’re seeing a small rebound in the exchange following the sharp pullback at the end of last week, and I am inclined to test the waters ahead of the Bank of England rate decision on Thursday as the pair appears to have near-term support around former resistance at 133.00. As the pound-yen maintains the upward trend from earlier this year I will take a small long position at market if we see the pair close above the 20-Day SMA at 133.64, and will look for a test of the monthly high at 135.21, with the stop at 133.18, the 10-Day SMA.

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