7. Forex Flash: Bunds remain consolidated in 142.18/95 range – RBS

According to Technical Markets Strategist Dymtro Bondar at RBS, “The view on Bunds remains the same, as the price consolidated within the 142.18 – 142-95 range after testing the 142.95 resistance, being the 50% retracement from the July 2012 impulse wave on a continuation chart, closing the 142.50 bearish gap from 28 January 2013.”

“This suggests more recovery towards 143.70 will be likely after breaking the range. In addition, the 10/3/3/3 slow stochastic is turning positive from the oversold region, confirming the view. A primary caveat would be a sustained break below 141.93. Overall however, we favor buying dips near the 142.18/25 support region to 142.90 onto 143.30 and 143.70.” Bondar recommends.

Feb 7, 2013

Forex: GBP/USD soars as Carney testimony starts

GBP/USD has soared closed to a point as in coming BoE Governor Carney is delivering his testimony to the Treasury Select Committee this morning.

Forex Flash: GBP/USD lack of rebound worries - Commerzbank

Commerzbank analysts are worried with the lack of rebound seen on the chart, as the GBP/USD still sits on the 1.5632 2009-2013 uptrend: “We note that the daily RSI has not confirmed the new low and would expect this to hold the initial test, but longer term, we in fact favor a break below here to 1.5271/35, the 2012 low”, wrote analyst Karen Jones, viewing the trendline as exposed, and pointing to intraday rallies to struggle at 1.5790 and cap at 1.5879/83, the 200 day ma.