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Turcan Connel, a money managing firm out of Scotland, expects the pound to lose 20-30 percent against the dollar. Haig Bathgate, head of strategy at the firm, sees parallels between conditions in Greece and the U.K. “The U.K. is in a similar predicament (to Greece), it could be hit very hard”, he was quoted as saying. Large investors continue to maneuver to protect assets from the U.K. economy. This makes the sterling seem to be vulnerable for continued weakening.

Currently Gbp/Usd is trading at  a new session low of 1.5112.

Sterling remains the main focus today as selling intensified in European session. Dollar managed to rebound strongly against European majors but stays is soft against yen and commodity currencies. Data from US saw personal spending rose more than expected by 0.5% in January but income growth missed expectation. PCE deflator…

Asian markets and European markets were broadly stronger today on hopes the Greek debt crisis is nearing a resolution. As EU officials commenced with discussions in Athens today, top monetary official Olli Rehn urged Greece to take greater austerity measures and asked that the “government announce new measures in the…

GBP/JPY’s decline accelerates further to as low as 132.13 so far. Intraday bias remains on the downside for next target of 100% projection of 150.68 to 138.23 from 143.59 at 131.14. On the upside, above 134.48 minor resistance will turn intraday bias neutral and bring consolidations. But upside is expected…

GBP/USD’s decline accelerates through the lower channel support today and reaches as low as 1.4783 so far. 100% projection of 1.6456 to 1.5534 from 1.5814 at 1.4892 is already met and we’d now expect further decline to 161.8% projection at 1.4322 next. On the upside, above 1.5096 minor resistance will…

Dollar Index: The 4 hour trend is Neutral. Risk-aversion had been the dollar’s friend overnight, helping it gain ground as investors price in the deficit challenges seen in the U.K. and Greece, while averting their attention from longer-term U.S. issues. A stronger Usd in the near-term may struggle to breach…

The British pound is plunging to multi-months lows at a time when the other major pairs have barely moved. This is ahead of a week that is packed with very important news reports (4 interest rate decisions plus the Non-farm Payroll), which shows that institutional traders have cut their exposure…

The GBP/USD had a 150% projection target near 1.49, as can be seen in the daily chart. The market came out of the gates bearish on the GBP/USD and pushed it to the 61.8% retracement as we can see in the weekly chart. Judging from the persistance of the decline,…

Eur/Usd has traded higher in the last session, after traders were unable to push the pair through a strong 1.3443 support zone on Thursday. Prices have gained 230 pips recently, and moved very close to 1.3691 resistance, but the break-out did not happen. The triangle count that we are monitoring…

The USD/JPY was on its way to 87.00 swing projection last week. To start the week, the pair stays supported at the 88.80 area for a second time. This brings the pair to a consolidation mode, and with stochastic rolling over, it looksl ike the market is picking up some…