Friday July 8, 2005 - 09:38:29 GMT
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London blasts weign on GBP
Good morning everyone from FXstreet.com. Yesterday, London suffered the attack of inhuman people, with a result of 38 killed –last data- and several hundreds wounded. We express our most sincere condolences to the London people.
Forex Technicals at a glance
Yesterday’s fatal blasts in London caused the shake we were expecting today with the release (12:30GMT) of the US Unemployment data. The USD followed the GBP and lost ground against all majors, but this time the move was well short-lived. Losses were reversed, and the greenback even managed to gain some ground late in the session. Obviously, GBP couldn’t follow the recovery. It accumulates a drop of more than 1,700 pips since may’05 and over 1,000 from june 25, that’s a big ride. It has even broken the 1.7465 support quite easily and if today’s data is USD positive, next reasonable support is around 1.71, quite a way down. BOE left rates unchanged in a prudent move to preserve from more speculation.
Point of View:No comments. If this kind of people still exist, we must just think about it. Because yesterday was London... but who will be next? This is a social plague and its erradication, whatever the way, is the only solution for a safer, peaceful world.
Trading Tips:After yesterday’s events, and with today’s US data coming out fairly soon, it is advisable to remain flat if not in any position now.”
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