BOE., MINUTES NOT HAWKISH STERLING TECHNICALLY RETRACES

STERLING HIT A HIGH OF 1.6270 BEFORE THE RELEASE OF THE BOE'S STATEMENT. SINCEMTHERE WAS NO HAWKISH DEVELOPMENT, WE SAW A TECHNICAL RETRACEMENT OR PROFIT TAKING.  STERLING TO TESTED A KEY TECHNICAL SUPPORT LEVEL TODAY, HITTING A SESSION LOW OF 1.6183 DURING THE U.S.D. SESSION, WHICH IS THE TECHNICAL SUPPORT OF THE 200 M.A. OF THE W1 TIME FRAME.  STERLING REACH, 1.6235 AFTERWARDS

TECHNICALS FOR STERLING FOR TODAY'S SESSION:


A BULLISH STERLING FINDS SUPPORT AT, 1.6227 THE NEXT RESISTANCE LEVEL TO REACH IS, 1.6260 A POSITIVE TREND WILL DEVELOP TO, 1.6281 AND FINALLY A STRONG BULL REACHES 1.6312 OR HIGHER FOR TODAY'S SESSION.

NON SUPPORT FOR STERLING AT, 1.6227 WE CAN LOOK FOR SUPPORT AT, 1.6194 IF THE TREND CONTINUES BEARISH, THE NEXT LEVEL OF SUPPORT IS, 1.6173 AND FINALLY A SUPPORT LEVEL OF, 1.6142 COULD BE REACH BEFORE BULLISH VOLUME RETURNS.
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FUNDAMENTAL, PLEASE REVIEW YOUR ECONOMIC CALENDER!!  TODAY'S SESSION HAS A GREAT DEAL OF RELEASES, (((ALL TIMES, EST.)))

1:00 A.M. STATUS HIGH, BANK OF JAPAN'S MONTHLY ECONOMIC REPORT.

2:00 A.M. STATUS HIGH, EURO RELEASE, PRODUCER PRICE-GERMANY.

4:30 A.M. STATUS MEDIUM., STERLING, RETAIL SALES.

8:30 A.M. STATUS MEDIUM, USD, INITIAL JOBLESS CLAIMS.

10:00 A.M. STATUS MEDIUM, USD, PHILIA. FED. REPORT.
(FED MEMBERS WILL BE SPEAKING THROUGHOUT TODAY DURING THE USD SESSION AS WELL).

TRADE WITH THE TREND!

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STERLING SHOWING BULLISH TECHNICAL VOLUME

THIS HAS BEEN THE STRONGEST STERLING IS BEEN, POST RECESSION.  THIS YEAR THE FIRST FOUR MONTHS WERE VERY BULLISH, STERLING TOOK A MAJOR RETRACEMENT UNTIL MID JULY.  NOW THE LAST 7 WEEKS STERLING HAS BEEN BULLISH 850 PIPS AND IS TESTING THE 200 M.A. OF THE W1 TIME FRAME WHICH HAS BEEN THE MAJOR TECHNICAL RESISTANCE FOR STERLING THE PAST TWO YEARS.

STERLING NEEDS TO STAY ABOVE, 1.6180 TO REMAIN BULLISH, THE TREND OR BID PRICE AS OF THIS BLOG IS 1.6237, STERLING HIT A HIGH OF 1.6277 ON MONDAY ONLY 27 PIPS BELOW THE HIGH OF THE YEAR, WHICH WAS POSITIVE. BULLISH SUPPORT IS FORMING, IT SEEMS TO BE BUYER IN THE 1.6230'S... THE NEXT TEST FOR STERLING IS IN THE RANGE OF 1.6330, TECHNICALLY ONCE WE FIND SUPPORT HERE, TECHNICALLY ANY MAJOR RETRACEMENT WILL NOT EXIST, FROM A TECHNICAL POINT OF VIEW THAT IS, FUNDAMENTAL AND GEO-POLITICAL EVENTS ARE  FACTORS.

STERLING TECHNICALS FOR TODAY'S SESSION:

SUPPORT FOR BULLISH STERLING IS, 1.6242 THE NEXT LEVEL TOO REACH IS, 1.6260 IF THAT LEVEL OF RESISTANCE IS BROKE, 1.6271 SHOULD BE REACH AND A STRONG STERLING FOR TODAY'S SESSION WILL TOUCH, 1.6288.

IF STERLING DOESN'T FIND SUPPORT AT, 1.6242 THE NEXT LEVEL IS, 1.6224 IF STERLING BEAR'S THE NEXT LEVEL OF SUPPORT IS, 1.6213 AND FINALLY IF THE TREND CONTINUES DOWN THE FINAL SUPPORT BEFORE BULLISH VOLUME RETURNS IS, 1.6196 FOR TODAY'S SESSION.

FUNDAMENTAL STATUS, HIGH!!! MAJOR SESSION MOVER.

4:30 A.M. EST. BANK OF ENGLAND MINUTES......
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ALSO IN THE U.S.A., STATUS, MED. AT 8:30 A.M.   2 RELEASE.
10:00 A.M., STATUS, MED.  EXISTING HOME SALES AND AT 10:30 A.M. EST. CRUDE OIL INVENTORY, STATUS LOW, BUT CAN MOVE THE MARKET, DEPENDING..

TRADE WITH THE TREND!!
REVIEW YOUR ECONOMIC CALENDAR DAILY!

THANK YOU FOR YOUR TIME AND HAVE A GREAT DAY..

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