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SunBirdFX Daily Market Analysis : 03/04/2013
GBPUSD is also "on its knees" as it continues to fall. This week could see further declines in this pair - the BOE'S Monetary Policy Committee will take its monthly vote on Thursday and while it is likely to leave interest rates on hold at 0.5pc, economists believe there is a strong possibility that it will increase its quantitative easing programe by £25bn taking it to a total of £400bn. Increasing QE might accelerate the move down in this pair. We are waiting to sell at 1.5080 (Weekly Pivot) SL 1.5120 TP 1.4980.
Overnight the Chinese stock market fell, EURUSD was dragged down slowly - the pair is again trading below 1.3000 at this moment of writing. Further support is seen down at 1.2920, 1.2880 and 1.2820. Resistance is at 1.3050 and 1.3080. The weekly pivot is far away at 1.3100 , any attempt to overcome it will be met with strong selling.