The above average volume up day on Monday last was soon forgotten with the ECB and NFP coming up. In hindsight it showed great strength and the VAL floor of 98 was defended all week. On Thurs the pre-market pop above 12/14 was significant and kept me watching the long side for 22 again (I had previously said 27 as HVN, did not expect 30’s). Structure is thin but no guarantee of back and fill just yet (remember the spring rally).
Template to end of 2008:
Currently around the LVN area 1433.75 which is Friday VAL.
Thurs VPOC 1430,
1409/12.75/13 HVN, LVN and prior balance top.
Above 1.295, 1.3200
Resistance: 1.2861 nvpoc
Supports 1.2692, 1.2600
Looked weak at 7230 area on Friday
If upside continues targets are 7230/7260
GBP: delta negative but stopped at 1.5969 – Friday vpoc, next support 1.5905/20 (previous R, HVN, 2x VPOC support)
upside target 1.6125, below possible retrace to 1.5750