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The UK’s Public Sector Net Borrowing hit 12.9 billion in February, much higher than 5.2 billion that was expected. It saw a surplus in January.

In addition, the meeting minutes released from the recent rate decision showed that two members still want more QE (Posen and Miles) and aren’t settling for the current level of 325 billion pounds.

GBP/USD dropped sharply from 1.5920 to 1.5850 at the time of writing, after dipping even lower.

Read the rest of the article [B][I][URL="http://www.forexcrunch.com/gbpusd-plunges-on-high-govt-borrowing-prospects-of-more-qe/"]GBP/USD Plunges on High Govt. Borrowing, Prospects of More QE[/URL][/I][/B]

EUR/NZD – Set resistance alarm at 1.6220, a lot of upside potential past here and the D1 trend should fully form.

EUR/AUD – set resistance alarm at 1.2645, a lot of upside potential and D1 trend should form above here

EUR/CAD – D1 time frame is crossing to the upside but wince there is nearby resistance only consider a buy if the heatmap signals are strong

The EUR/JPY also moved up today and has no nearby resistance.

When the alarms hit verify any entries with The Forex Heatmap ™ and look for EUR strength or cross currency weakness or both.


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Mark Mc Donnell
www.forexearlywarning.com
Spot Forex Trading Plans Across 28 Currency ...

GBPUSD remains in short term uptrend from 1.5602, the pullback from 1.5913 is likely consolidation of the uptrend. Support level is at 1.5800, as long as this level holds, uptrend could be expected to resume, and another rise to test 1.5991 previous high resistance is possible. On the downside, a breakdown below 1.5800 will suggest that a cycle top has been formed at 1.5913 on 4-hour chart, then further fall towards 1.5602 could be seen.



Daily Forex Forecast

[B]BIAS[/B]: The uptrend looks like resuming directly

[B]Resistance[/B]:...... 1.3251-65... 1.3290... 1.3315-25... 1.3353-71
[B]Support[/B]:.......... 1.3205-15... 1.3172... 1.3157........ 1.3134

[B]MAIN ANALYSIS[/B]: Yesterday's rather complex suggestion didn't materialize but stall midway in the advised 1.3165-85 area but actually looks as if it completed the correction. We should allow for a minor pullback to 1.3205. This should therefore see a break above the 1.3265 high and will then need to break through the 1.3290 swing high to extend gains through to 1.3353-71. This should provoke a pullback of around 60 points before a final move higher to the broad 1.3430-60 area for a further correction. I ...

Attached Files

• The Brief Daily Forecaster.pdf (85.5 KB, 75 次查看)