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Update Time: 11 Mar 2010 10:22GMT

INTRA-DAY GBP/USD OUTLOOK - +1.5030+

Current rebound after the release of U.K.
inflation survey suggests the rise fm y'day's low
of 1.4873 to retrace fall fm this week's high of
1.5197 has resumed n further gain to 1.5030/35 is
likely, however, 1.5087 wud cap upside.

For st trade, buy at market with stop as indica
ted n only below 1.4947 aborts nr term bullishness.

Rate:	+1.5030+
Strategy:	+Target met+
Position:	+Long at 1.4990+
Objective:	1.5030
Stop-Loss:
Resistance:	1.5017/1.5031/1.5087
Support:	1.4947/1.4928/1.4900

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Daily Market Outlook

Update Time: 11 Mar 2010 08:00 GMT

EUR/USD - 1.3634

The single currency rebounded strongly to 1.3680 yesterday, suggesting further choppy sideways trading inside near term established range of 1.3530-1.3736 broad range would continue with upside bias, however, a breach of said upper level is needed to signal another leg of corrective upmove from last week's 9-1/2 month low of has taken place and bring further gain to 1.3800 but daily resistance at 1.3840 is expected to remain intact.

On the downside, below 1.3596 may bring weakness to 1.3530/37, break would indicate aforesaid correction has possibly ended and yield fall to 1.3460, however, said daily support is likely to hold on 1st testing.

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Market Review on 10 Mar 2010 22:51 GMT

Euro rebounds on improved risk appetite and Greece's plan to cut deficit

The single currency rebounded strongly on Wednesday after Greece submitted a report to EU on its plans to tame its budget deficit while the greenback slipped against most currencies but rose against the yen, as gains in global stocks brought a return of risk appetite, boosting demand for higher-yielding currencies.

The euro traded with a soft undertone in Asia initially and briefly tumbled to an intra-day low of 1.3544 in European morning on disappointing German trade data. German January trade surplus was narrowed to 8.7 bln euro from 16.6 b ...

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DAILY TECHNICAL OUTLOOK ON GBP/USD

All times in GMT

Last Update At 11/03/2010 00:34 GMT

Trend Daily Chart	Daily Indicators	21 HR EMA	55 HR EMA
Down	Falling	1.4963	1.4987
Trend Hourly Chart	Hourly Indicators	13 HR RSI	14 HR DMI
Sideways	Turning up	51	+ve

Daily Analysis
Initial rise b4 retreat
Resistance	Support
1.5112 - Monday's European morning low 1.5087 - Hourly chart 1.5017 - Y'day's high in Australia	1.4928 - Hourly chart 1.4873 - Y'day's low 1.4855 - March 02 low

       GBP/USD - 1.4968.. Trading the British pound has yielded good returns as 
compared to euro, the reason being cable has been trending lower this week 
whilst euro continues to 'gyrate' inside previous broad range without a trend.
       The descent fm Monday's high at 1.5197 signals sterling's correction fm 
last week's 10-month low of 1.4781 has ended n MT decline fm 1.7044 is set to 
resume next week to re-test 1.4781 n later twd 1.4538, being 70.7% retracement  
of the entire rise fm 1.3500 (Jan 09') to 1.7044 (Aug 09').
       Despite y'day's intra-day selloff to 1.4873 in Europe, as this low was 
accompanied by prominent 'bullish converging signals' on the hourly oscillators, 
subsequent rebound confirms aforesaid fall fm 1.5197 has finally formed a temp. 
low there n 1-2 days of consolidation is envisaged b4 prospect of resumption of 
decline to next chart obj. at 1.4855.
       Today, buying the pound for intra-day trade for recovery twd 1.5017 is 
favoured but reckon 1.5035 (50% r of 1.5197-1.4873) wud cap upside n yield ano-
ther fall - day traders shud know what to do next, right !

Click on the chart to enlarge image

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Market Moving News

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All times in GMT

11 Mar 2010	09:38	Gbp/usd - 1.5003 ... The British pound jumped to 1.5010 after the release of U.K. inflation survey which showed that the expectations for inflation over the next 12 months rose slightly to 2.5% in February fm 2.4% in November. Consumer price inflation hit 3.5% in January, well abv the BOE's 2% target, though the central bank expected it to fall back within target by the end of this year.

11 Mar 2010	09:21	Gbp/usd - 1.4977 ... The Bank of England's quarterly survey of inflation expectations is due at 09:30GMT. MPC members have not expressed a lot of worry about the increase in realised inflation but investors are speculating that the survey may lead to a pick-up in inflation expectations.

11 Mar 2010	06:21	GBP/USD - 1.4978.. Breaking news fm Bloomberg of a fire just broke out in London's financial district. Traders have not reacted negatively to this news so far as the fire appeared to come fm only one building. Cable has met fairly good buying interest at 1.4950-30 area n a mixture of offers n stops are placed abv 1.5000 but reckon once cable is abv 1.5000, sterling bears wud be tempted to hit the sell button.

11 Mar 2010	06:19	EUR/USD - 1.3649.. Although euro has fallen in Asia & European morning in last few days after rebounding in NY session on previous day, today may be an exception as despite initial cross-inspired weakness, buying interest reported earlier at 1.3630-10 area contained downside. The pair shud trade with a firm undertone as long as cable holds abv 1.4930/40 n shud nudge higher twd NY high of 1.3680. Offers are tipped at 1.3660-80 with stop as indicated abv 1.3700/05.

11 Mar 2010	06:07	USD/JPY - 90.38.. Although unwinding in yen carry trades caused by release of higher-than-expected China CPI figure spooked investors on possible further tightening by PBOC, reported bids at 90.20-00 contained dlr weakness n price has staged a minor bounce fm 90.20. Dlr is sidelined ahead of European opening n offers are plentiful at 90.60-80 area. Range-trading is seen in Europe initially but renewed weakness in yen crosses suggests buying dlr on dips is preferred.

11 Mar 2010	02:20	GBP/USD - 1.4967.. European traders whacked the pound y'day as soon as they came in, price fell to 1.4885 b4 a short-covering mini rally lifted cable briefly back to 1.4960. St specs sold sterling again after release of weaker-than-expected U.K. industrial & manufacturing production data but broad-based profit-taking led by euro pushed the pair to 1.4993. Range-trading is the theme today as recent sterling bashing seems to have subsided. Good 2-way flows have been seen, we reckon 1.4920-00 shud be the lower range n 1.4990-1.5010 area the upper range but renewed interest to sell cable shud emerge abv 1.5000.

ECONOMIC INDICATORS FOR 11/03/2010

All times in GMT

Time	Country	Indicator	Actual	Forecast	Range	Previous	Revised

2000	New Zealand	RBNZ rate decision	2.5%	2.5%	2.5/2.5	2.5%

2350	Japan	GDP Q/Q Q4	0.9%	1.0%	0.7/1.2	1.1%

2350	Japan	GDP annualised Q4	3.8%	4.0%	3.0/4.9	4.6%

0030	Australia	Employment change Feb	0.4K	15.0K	-15.0/30.0	52.7K	56.5K

0030	Australia	Unemployment rate Feb	5.3%	5.3%	5.5/5.5	5.3%	5.2%

0930	U.K.	BoE releases inflation survey

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