GBP/USD Fundamental Analysis February 8, 2012, Forecast

GBP/USD Fundamental Analysis February 8, 2012, Forecast

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Economic Events: (GMT)

There are no major economic events scheduled in Europe or the USA on Wednesday.

Analysis and Recommendations:

The GBP/USD is currently trading at 1.5883. The USD is lower in trading today as the possibility of a Greek deal becomes clear. According to the Financial Times, Papademos has submitted a "final draft" of the terms of the bailout to party leaders, who are set to decide on the measures later Tuesday.

This news alone has pushed the USD down beyond expectations. We should see the dollar recover duing US trading on Tuesday afternoon USA time or Wednesday.

Review of Tuesday's Economic Reports

00:01	GBP	BRC Retail Sales Monitor (YoY)	-0.3%	-0.8%	2.2%
03:30	AUD	Interest Rate Decision	4.25%	4.00%	4.25%
03:30	AUD	RBA Rate Statement
05:00	JPY	Leading Index	94.3	93.8	93.7
07:45	EUR	French Trade Balance	-5.0B	-5.3B	-4.1B
08:00	TWD	Taiwanese Trade Balance	0.42B	2.10B	2.31B
11:00	EUR	German Industrial Production	-2.9%	-0.1%	0.0%
11:30	CLP	Chilean Trade Balance	1.98B	1.15B	0.39B
13:30	CAD	Building Permits (MoM)	11.1%	0.8%	-2.6%
15:00	USD	IBD/TIPP Economic Optimism	49.4	48.3	47.5
16:30	USD	4-Week Bill Auction	0.060%		0.050%

Scheduled Sovereign Bond Sales

Feb 08 10:10 Sweden Nominal bond auction

Feb 08 10:30 Germany Eur 4.0bn Feb 2017 Bobl

Feb 08 10:30 Swiss Bond auction

Feb 08 16:30 Italy Details BOT auction on Feb 13

Feb 08 18:00 US Auctions 10Y Notes

Feb 09 10:10 Sweden Sek 0.75bn I/L bond auction

Feb 09 15:30 Sweden Details I/L bond auction on Mar 23

Feb 09 16:00 US Announces auctions of 30Y TIPS on Feb 16

Feb 09 16:30 Italy Details BTP/CCTeu auction on Feb 14

Feb 09 18:00 Italy Auctions 30Y Bonds

Feb 10 11:00 Belgium OLO auction

GBP/USD Pivot Points (Time Frame: 1 Day)

Name	S3	S2	S1	Pivot	R1	R2	R3
Classic	1.5705	1.5747	1.5824	1.5865	1.5943	1.5984	1.6062
Fibonacci	1.5747	1.5792	1.5820	1.5865	1.5911	1.5939	1.5984
Camarilla	1.5869	1.5880	1.5891	1.5865	1.5912	1.5923	1.5934
Woodie's	-	1.5756	1.5842	1.5874	1.5961	1.5994	-
DeMark's	-	-	1.5964	1.5876	1.5845	-	-