Jamie's Pick: 08/01/12

Markets are mixed ahead an ahead of FOMC (and ECB and BoE tomorrow morning) – the GBP is weak, the NZD is strong, crude is strong, metals are weak, US bonds are down and equities are up. That said, I’m concentrating on the EURUSD which exhibits the cleanest long and short term patterns. The implications remains for a drop below 12200 before a rally towards 12500+ over the next few weeks.