GBP/USD Daily Outlook

Daily Pivots: (S1) 1.5953; (P) 1.5996; (R1) 1.6037; More...
No change in GBP/USD's outlook. Intraday bias remains mildly on the downside and corrective fall from 1.6380 would continue to 61.8% projection of 1.6380 to 1.5992 from 1.6178 at 1.5938 and below. At this point we're treating fall from 1.6380 as a correction, or part of a consolidation pattern. So, we'd expect strong support from 1.5827 key near term support to contained downside and bring rebound. Above 1.6178 will turn bias back to the upside for retesting 1.6380.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161, no change in this view. There are various interpretations on the pattern from 1.3503 but after all, the important point is that it isn't finished yet. Prior break of 1.6300 resistance suggests that another rising leg is now in progress for 1.7043 and above to extend the consolidation pattern. But we'd expect strong resistance at 50% retracement of 2.1161 to 1.3503 at 1.7332 to limit upside. Meanwhile, break of 1.5827 support (50% retracement of 1.5268 to 1.6380 at 1.5824) will turn focus back to 1.5268 support instead.

Trading Point Daily Market Review - Asian Session

Euro edges higher in anticipation of European Central Bank's LTRO

Tuesday 28th February 2012

The euro edged higher in Asian trading on Tuesday as markets waited for a second liquidity injection from the European Central Bank and should remain relatively buoyant until the LTRO operation on Wednesday. This second long-term refinancing operation involves three-year loans that European banks can access at lower rates, with the purpose of averting a liquidity squeeze.
Markets seemed to be unscathed by news of Greece's credit rating downgrade by Standard & Poor's late Monday, as this was already priced in. EURUSD opened in Asia at 1.3395 and climbed steadily to 1.3450. EURGBP rose to 0.8487from 0.8466.
The euro-Swiss franc pair hit a four-day high of 1.2056, compared to Friday's lowest point of 1.2038.
The seemingly firming market sentiment helped sterling trim losses against the dollar, with GBPUSD moving up from 1.5816 to 1.5847.
After an early dip to 80.00, USDJPY bounced to 80.63. EURJPY similarly fell early in the session to 107.28 and turned back up to 108.44.
Risk appetite helped push the Australian dollar higher against the greenback, with AUDUSD rising to a session high of 1.0786. Looking ahead, main economic data to focus on in the upcoming European session are the Swiss UBS consumption indicator for January, Eurozone economic confidence index for February, German GfK consumer confidence index for March and the preliminary German CPI for February.

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