Banking Problems in England, considered the worst in Europe at this time | Currency Analysis

GBP

The Pound also had a good Monday against the Yen. It seems as if the banking problems in England, considered the worst in Europe at this time, is not as bad as the perceived danger in the Japanese economy. The UK still has many hurdles to overcome, including the devaluation of the once mighty Pound Sterling, however it is believed that until the G20 summit, the currency will hold in its current neighborhood.

At 5:20 GMT the GBP was trading up 1 ¼% to the Yen to 140.44, down ¾% to the Canadian Dollar to 1.7825. up 1/3^rd to the Swiss Franc to 1.6349 and down 1 ¾% to the Australian Dollar to 2.0722.

Currency	Daily stance	Analysis
EURUSD	0/+	1.3740 holds the key for the near term direction. If it goes above, then we target 1.3860 or else we will re-visit 1.3580
EURJPY	0/+	Look for a re-test of Asian 131.95-00 high. Support is listed at 130.55
USDJPY	0/+	Buy when it breaks above 96.60 for a short term test of 97.30-35, or else watch it trade in the 95.50-96.50 range
GBPUSD	0/+	1.4580-90 looks a magnet pre-Geithner. Above sees acceleration to 1.4700-20
AUDUSD	0/+	While holding gains above 0.6940-50 look for extension to 0.7020