STERLING CONTINUES TO MAINTAIN POWER.

Sterling continues to maintain power today hitting a high of 1.6133 around 4:30 p.m EST. The low today was 1.6075 at 10:30 a.m. EST. so it was a strong late morning and afternoon session.  Our support for a bullish Sterling for the day was, 1.6098 and Sterling only but for a brief time maintain above that goal.  The support for a bullish Sterling for the week is, 1.6025 which currently Sterling is at, 1.6124 at 10:10 p.m. EST. In fact the only thing that drag Sterling slightly was the, dovish new from the Aussie, about cutting rates if the news was more on a Hawkish level this evening Sterling would be pushing 1.6200!

Technical levels for today:

Support for bullish trend is, 1.6108 currently Sterling is at, 1.6126, 10:15 p.m. EST. So Sterling is currently bullish, the next level to break is, 1.6130 if support is made the next key level to break is, 1.6144 and finally and very strong Sterling hits a high of, 1.6165 or higher for today's session.

If Sterling doesn't find support above 1.6108, the next level is, 1.6086, if Sterling continues to bear it may hit a level of 1.6072, before finding bullish volume.  However if this level is broken Sterling could hit a low of, 1.6051, before bullish volume returns.

Fundamentally we have three reports at, 4:30 a.m. EST. two with a status of, Medium and one with a status of, Low.  Check your Economic calendar for details....

Thank you for your time and have a great day.
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