Rio Carnival 2012 (PHOTOS)
Revellers from the Beija-Flor samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012. Obama wins praise for renewables plan
U.S. President Barack Obama's call for sweeping investment in clean energy and for carbon cap-and-trade legislation won praise from analysts and the renewables industry, saying it is a rallying call for other nations.
In his first speech to a joint session of Congress, Obama said that to truly transform our economy, protect our security, and save our planet from the ravages of climate change, we need to ultimately make clean, renewable energy the profitable kind of energy.
I ask this Congress to send me legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in America, he said in comments that are in marked contrast his predecessor's stance on climate change.
He said China had launched the largest effort in history to make their economy energy efficient and that it was time for America to boost investment in companies and jobs in the clean energy sector.
President Obama is to be commended for inspiring the American public to step up to the plate on climate change, Australian Greens Deputy Leader and climate change spokesperson, Senator Christine Milne, told Reuters.
His next challenge is to encourage laggard nations, including Australia, to move with urgency and determination to tackle climate change, energy security and the global financial crisis with common solutions.
BILLIONS TO INVEST
Obama said his budget proposal to be released on Thursday will invest $15 billion a year on wind and solar power, advanced biofuels, clean coal and American-built cars and trucks that are more fuel efficient.
He also said thousands of miles of power lines would be built to carry new energy to cities and towns.
Obama is quite right to be directing concerted investment in renewable energy and transmission infrastructure, to bring these new wind and solar power sources from where it is generated to where it is used, said Barry Brook of the University of Adelaide, in South Australia state.
But Brook said while putting a price on carbon was necessary, it was not enough.
Will the world's future energy mix be entirely renewable, and is it appropriate to frame energy alternatives in narrow terms? I think not, said Brook, director of the Research Institute for Climate Change and Sustainability in Adelaide.
Obama's speech showed strong leadership in the move toward a more sustainable future, said Simon Troman, vice-president of the Australia and New Zealand Solar Energy Society.
The renewable energy and energy efficiency industries world wide have been consistent with the message that dollar for dollar, renewables and energy efficiency provide more opportunity for job growth, Troman told Reuters.
If we had any issues with Obama's statement, it would be in the change from pre-election talk of a carbon tax to now talking of a market-based cap on emissions. These types of caps do not automatically result in more renewable energy use, he said.
(Additional reporting by Tom Doggett in Washington; Editing by David Fox)
Obama budget includes billions from CO2 trade
President Barack Obama's budget includes hundreds of billions of dollars in revenues from a greenhouse gas emissions trading system, an administration official said on Wednesday.
The revenues from the system would be spread out over many years starting in 2012, the official said.
Obama wants to help fight climate change by capping emissions of greenhouse gases such as carbon dioxide, or CO2, from big industries and allowing them to trade rights to pollute. Such systems are commonly called cap and trade.
The president's budget will be released on Thursday.
(Reporting by Jeff Mason, editing by Chris Wilson)
GBP/USD: The Pound steps back on BoE King's Testimony
FXstreet.com (Barcelona) - GBP/USD has withdrawn from session high levels close to 1.4300 resistance level in the first moments of BoE's King testimony before the Parliament's Treasury Committee where he answer questions about the current banking crisis.
The GBP/USD has dropped some 50 pips to levels around 1.4240 from 1.4290 before the events when the pair was on its way to test 1.4300 resistance area.
Once below 1.4200 level Sterling could advance to test session low at 1.4160, and if that level gives way 1.4160 will come into play, and below there, next support level could appear at 1.4121 (Feb 17 low) before 4-week low at 1.4086 (Feb 18 low.)
On the upside, a bounce at current levels could bring about a new test to the 1.4300 resistance level and, if that level gives, the 1.4350/60 area could offer resistance (Feb 23 and Feb 24 low), and above there, 1.4400.
GBP/USD: The Pound soars through 1.4300 and approaches 1.4360
FXstreet.com (Barcelona) - After some hesitation below 1.4300, the Pound has rocketed through that level rallying 100 pips towards 1.4360 resistance after news of Obama seeking new stimulus measures to reactivate ailing financial system.
With this rally, the pound has confirmed a bottom at 1.4163 and its testing 1.4360 at the moment of writing. Above this level, the Pound could get on the way towards the area between 1.4425 and 1.4450. On the downside, the Pound should test support at 1.4300 and if that level givves, next suppotrt could be at 1.4240
EUR/USD: Euro rally capped 1.2815; returns towards 1.2760 support level
FXstreet.com (Barcelona) - The Euro has broken through 1.2760 ahead of U.S. session but its rally was capped at 1.2810 and dropped strongly towards support at 1.2760 on the back of dreadful U.S. Jobless claims and durable goods data.
At the moment volatility is high and the pair is testing 1.2670, if this level gives, the Euro could drop towards intra-day low at 1.2690, and below there next support line remains at 1.2660 (Feb 24 low)
On the upside, if support level at 1.2670 remains intact, the Euro could attempt to break next resistance level at 1.2815, and once above there, the area between 1.2880/1.2900 (Feb 24 and 25 high)
Rio Carnival 2012 (PHOTOS)
A reveller from the Porto da Pedra samba schoo parades on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
Drum queen Sabrina Sato of the Vila Isabel samba school dances on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012. AIG mulls further government stakes as auction deadline looms
Beleaguered U.S. insurance giant American International Group may allow the U.S. government to take control of certain assets should the sale of stakes in various units fail to produce attractive offers, according to a source close to the matter.
Another option under discussion is for Washington to convert $40 billion worth of preferred stock into common shares, said the source, who was not authorized to speak on the record.
AIG, facing the prospect of a third round of government aid and the largest quarterly loss in U.S. corporate history, is trying to sell off assets to stay afloat and help pay back part of the $150 billion it borrowed after being driven to the brink of collapse last year.
Deadlines for bids for the Asian assets, sales of which could raise tens of billions of dollars for AIG, are due on Friday, according to sources. AIG is also selling off stakes in U.S. subsidiaries.
An AIG spokeswoman did not immediately respond to requests for comment.
The major Asian assets on the block are AIG's American Life Insurance (Alico), a unit that generates more than half of its revenues from Japan, and a 49 percent stake in Hong Kong-based life insurance group American International Assurance Co (AIA).
Analysts originally expected the units to fetch more than $10 billion each, but the value of the assets has likely fallen since the auction began. With the auction in its last phase, AIG has signaled it's willing to give up control of AIA, sources said.
The AIA sale process has been hampered by weakening economic conditions and suitors dropping out, though hope of China's interest in the asset was re-kindled by an official on Thursday.
Chinese firms' potential bids would be solely a corporate decision, said Li Kemu, vice chairman of the China Insurance Regulatory Commission, suggesting Beijing would not block involvement by a Chinese firm.
Asked whether China Life <2628.HK> <601628.SS> or Bank of China <3988.HK> <601988.SS> might bid for the American insurer's assets, Li said Chinese companies were holding discussions with AIG about a possible deal.
The discussion is still going on, and we are paying high attention to it, Li said.
STATE STAKES?
Also under consideration is a plan that would allow the U.S. to take stakes in AIG assets like Alico and AIA, and either spin them off or sell them later if the current auctions fail, according to one of the sources.
The details of the plan are not yet settled and talks are fluid, the source said.
Plans to sell AIG assets across the globe were put in place last fall shortly after the U.S. government saved AIG from bankruptcy with a rescue that has since ballooned to around $150 billion.
On the sale of Alico, insurance companies AXA SA and MetLife
Media reports have said that MetLife made a preliminary offer of $11.2 billion, though the offer may drop to $8 billion given the deterioration in the business.
Another major deal AIG is hoping to close is the sale of its aircraft leasing business, International Lease Finance Corp. (ILFC). Reuters reported last week that at least two consortia are emerging to bid for the $8 billion business, though two large potential suitors lost interest.
AIG is also selling its U.S. auto insurance unit, a business said to be worth around $2 billion. Reuters reported earlier this month that Swiss insurer Zurich Financial Services AG
Separately, the U.S. Senate Banking Committee has scheduled a hearing on March 5 to examine government aid to AIG, a source familiar with the hearing said on Wednesday.
(Editing by Lincoln Feast)
Rio Carnival 2012 (PHOTOS)
Revellers from the Vila Isabel samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
A reveller from the Vila Isabel samba school parades on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
Revellers from the Vila Isabel samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012. Currency Pair Overview The Dollar Finds Sellers Overnight
Overall, the dollar found buyers in the overnight market, although not too many. The euro and the swissy were the only pairs able to develop a decent trend, while the rest of the majors put a lot of effort to break free from the first support or resistance area. During the European session, the S&P futures had a very strong influence over the currency market.
The Euro (Eur/Usd) struggled to break above the 1.2750 area during the overnight sessions. The resistance area finally gave up during the European session, after holding since the last U.S. session. During the Asian session, the euro tested the 1.2700 area, which has held the pair for four days now.
Consumer confidence in the Euro-area fell to -33, the lowest read since the index first started. The very poor read points to a very clear contraction in the Euro-area. The Euro zone M3 number hit the wires at 5.9% much lower than what analysts had previously estimated. The number for the month of December was revised to 7.5%
The number of unemployed persons looking for a job in Germany for the month of January rose by 40K, less than what analysts had expected. The unemployment number in Germany has been in a strong downtrend since 2005, but it seems the economic slowdown that the German economy faces had reach the job market. The consumer climate in Germany for the month of March 2009 rose unexpectedly. The previous read, for February, was revised slightly higher to 2.3
The Pound (Gbp/Usd) traded around the Asian open price, unable to move decisively in any direction. This happens, after yesterday the pound tumbled nearly 320 pips, and was able to find a bottom near the 1.42 support area. The pair continues to trade below all the important moving averages.
U.K. house prices have continued to decline for sixteen straight months, falling 17.6% year-over-year. The average price for a U.K. house in February reached £147,746. Analysts believe the bottom in the housing market has not been hit, even though some improvements have been seen in the last months.
The Aussie (Aud/Usd) has been unable to develop a solid trend recently. The aussie traded between the low of the last day of trading, reached in the U.S. session, and the 20-day simple moving average, which has acted as an important swing point for a number of days.
The leading index for Australia has decreased 0.9 percent for the month of December, falling to a reading of 114.1. This is the fourth consecutive decrease for the index. The leading index began its descent in September 2008 and it has only accelerated in recent months as the fall rivals levels seen in early 2001
The Cad (Usd/Cad) shed a small number of pips in the Asian and European sessions. The pair fell 30 pips, but failed to break below the neutral pivot point (1.2520). For the remainder of this week, the cad’s calendar is free of any important economic releases.
The Swissy (Usd/Chf) traded relatively flat during the Asian session and in the early part of the European trading hours. After a quick test at the previous day’s high, in the European session, the swissy started to head lower, falling 50 pips. In the last few days, the swissy traded within the same range.
The Yen (Usd/Yen) advanced in the overnight session, but could not break above TheLFB R1 (98.00) area. The yen rose in recent days even though the S&P futures were pointing to a weaker start on Wall Street. Today, the S&P futures advanced something that should further strengthen the yen
Rio Carnival 2012 (PHOTOS)
Revellers from the Vila Isabel samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
Revellers from the Vila Isabel samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
A reveller from the Vila Isabel samba school parades on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012. GBP/USD: The Pound could test 1.4300 level
FXstreet.com (Barcelona) - The Pound is building up strength after a so far successful rebound at 1.4160 on early European session, the Pound has gained strength to set an assault towards the 1.4300 resistance level.
Successful rise above 1.4300 could increase buying pressure for the Pound and could affirm bottom at 1.4161 on the bearish move from 1.4600 resistance level on Wednesday. On the upside the 1.4350/60 area could offer resistance (Feb 23 and Feb 24 low), and above there, 1.4400 .
On the downside session low remains at 1.4160, and below there, next support level could appear at 1.4121 (Feb 17 low) before 4-week low at 1.4086 (Feb 18 low.)
Rio Carnival 2012 (PHOTOS)
Revellers from the Vila Isabel samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
A reveller from the Beija-Flor samba school parades on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012. India's NMDC sees iron ore output down
India's biggest iron ore miner, NMDC Ltd (NMDC.BO), expects production in fiscal year 2008/09 to drop from the year before, its chairman said on Thursday, trimming an earlier forecast for flat output.
Rana Som, whose company controls 15 percent of India's iron ore production, said last month NMDC would match last year's output of 29.8 million tonnes, with weak demand from global steel mills making an earlier target of 32 million tonnes unfeasable.
It may be a little less (from last year). May be 27.5-28.5 million tonnes, Som told reporters on the sidelines of a news conference. The sector is affected by the recession.
Som declined to comment on how iron-ore prices would move, but said there were three trends visible globally.
Steel prices are falling, spot prices are 10 percent down, and I see how the negotiations are going on, he said.
The state-run firm sells most of its products in long-term contracts, setting prices based on those of global mining majors. It sells mostly to local steel firms like Essar Steel ESRG.BO, Ispat Industries (ISPT.BO) and Jindal Vijayanagar Steel.
Som said NMDC would renegotiate its long-term contracts in April, but declined to say how prices would move from last year's levels. In December, NMDC had cut prices by 25 percent for local firms. NMDC would be very cautious and was going slow on its international investments, Som said, citing uncertainty about natural resource price trends.
I would be very careful. Am I doing the right thing by pumping in my investment fund into it? And when I get returns, what will be the trend in the market?
For the year ending March 2010, NMDC would spend 12 billion rupees ($239 million) in expansion plans, including setting up a steel plant and two pelletisation plants, he said.
At 0844 GMT, shares in NMDC were down 0.5 percent at 149.35 rupees in a Mumbai market .BSESN that was down 0.2 percent. ($1=50.2 rupees) (Reporting by C.J. Kuncheria, Editing by Mark Williams)
© Thomson Reuters 2009 All rights reserved
Rio Carnival 2012 (PHOTOS)
Revellers from the Vila Isabel samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
Revellers from the Vila Isabel samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
Revellers from the Vila Isabel samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
Revellers from the Vila Isabel samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
Revellers from the Vila Isabel samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
Revellers from the Porto da Pedra samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012. Gameworld: Puppy love -- at your fingertips
Sit, boy, and roll over -- all with the click of your thumb.
Dogs have not only had star billing in Hollywood recently due to string of canine movies like Hotel for Dogs, Marley and Me, and Beverly Hills Chihuahua, but are also becoming more prevalent in videogames with a list of new doggy games.
Ubisoft has worked with dog behavior specialist Cesar Millan, host of National Geographic Channel's The Dog Whisperer, on a new PC and Nintendo DS videogame that Millan hopes will launch an interactive franchise.
I feel that we started with something very general like fear, separation anxiety, hyperactivity and obsession/fixation with this first game, but I would like to move into advanced games down the line once people understand more about animal behavior, said Millan.
The Dog Whisperer game features 40 'mild' cases that educate humans about training and understanding dogs.
One of the main points in the game is that animals recognize when someone is tense, angry or fearful, so it's important to remain calm and assertive.
Players take on the role of Millan's apprentice as they work through these virtual variations of real-life cases from the first three seasons of the hit TV series.
Since I'm not there physically, games allow me to virtually help people around the world with their dogs, said Millan, who has watched his kids play videogames.
In fact, it was Nintendo game developer Shigeru Miyamoto's Nintendogs virtual puppy simulation for Nintendo DS a few years back that prompted Millan to enter the virtual world.
PUPPY LOVE AT THE PRESS OF A BUTTON
My kids showed me Nintendogs and that's when I decided that videogames were something I wanted to get involved with, said Millan.
That game was responsible and realistic. You don't get the coddling or the experience you'd get with a real dog, but you got the conditioning.
Miyamoto credits his Nintendogs creation to his own puppy.
That game, which remains a bestseller for Nintendo DS, allows gamers to choose a virtual breed that behaves like a real puppy.
Gameplay includes responsibilities like feeding, walking and nurturing the puppy, as well as teaching the dog new tricks.
Disney Interactive Studios' Bolt game, which is available for all consoles, allows gamers to play as the superhero K9 within the fictional TV universe from the recent movie.
That means this virtual dog has laser vision, a sonic bark and a ground pound attack to take out enemies.
Ubisoft's Wii game, Petz Sports, lets gamers adopt a dog from 18 different breeds then train their virtual pets to compete in races and perform tricks like jumping rope and playing catch.
This June, Ubisoft plays dress up with Petz: Fashion Dogz and Catz for Nintendo DS.
Nintendo's upcoming Wii game, Wii Sports Resort, will take advantage of some extra precision coming for its motion-sensor controllers with the mini-game Disc Catch, which allows players to toss a Frisbee to their virtual pet.
When Sony Online Entertainment (SOE) releases its new free-to-play family-friendly massively multiplayer online (MMO) game, Free Realms, this summer, one of the main components within the game is caring for a virtual dog.
Videogames are part of the social world kids live in today, said Millan. But I believe the right videogames can stimulate learning and creativity when balanced with Mother Nature.
(Editing by Belinda Goldsmith)
Rio Carnival 2012 (PHOTOS)
Revellers from the Beija-Flor samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
A reveller from the Porto da Pedra samba school parades on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012. GM expects auditors to cast doubt on viability
General Motors Corp
GM posted a deeper-than-expected quarterly loss as revenue plunged by more than a third. The automaker also warned its pension plans for hourly and salaried workers were underfunded by about $12.4 billion as of the end of 2008.
GM said it could receive a going concern notice from auditors, who will assess the risk that the automaker might not be able to continue as a going concern.
The company, which has been kept afloat with emergency loans from the U.S. government since the start of the year, posted a net loss of $30.9 billion for 2008.
That ranked as the second largest annual loss for the 100-year-old automaker on record behind only the $38.7 billion loss recorded for 2007.
During the fourth-quarter, GM burned through $6.2 billion in cash and ended December with $14 billion in cash and liquidity including the first $4 billion in loans received from the U.S. Treasury.
GM's fourth-quarter net loss widened to $9.6 billion from $722 million.
Excluding one-time items, GM's quarterly loss $9.65 cents per share. Analysts surveyed by Reuters Estimates had forecast a loss per share of $7.40 on that adjusted basis.
Revenue for the quarter fell to $30.8 billion from $46.8 billion.
GM Chief Financial Officer Ray Young said the deep loss for the quarter reflected how a slump in auto sales that began in the U.S. market had become a global crisis by year end.
When we talk about contagion, what we saw was that the credit crisis was starting to spread, Young told reporters on a conference call.
Analysts have said the key to valuing GM's shares and debt is the progress the company is making in crucial restructuring talks with creditors and the autos task force assembled by U.S. President Barack Obama to slash debt and secure new funding.
The release of the company's results come on the same day that GM Chief Executive Rick Wagoner was scheduled to meet with members of the task force headed by U.S. Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers.
GM has asked for a total of up to $30 billion in total aid from the U.S. government to survive a plunge in sales in the global auto market.
(Reporting by Kevin Krolicki and David Bailey; Editing by Derek Caney)
Rio Carnival 2012 (PHOTOS)
A reveller from the Porto da Pedra samba school parades on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
A reveller from the Vila Isabel samba school parades on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012. Finns urged to check Web, curb guns after rampages
Finnish authorities should monitor the Internet more effectively and tighten licensing of firearms to prevent more gun massacres in schools, a government commission said on Thursday.
The inquiry was set up after 18-year-old Pekka-Eric Auvinen shot 8 people and himself in November 2007 in Jokela high school near Helsinki. Less than a year later, Matti Saari, 22, killed 10 people and himself at a vocational school in Kauhajoki, western Finland.
Both men had permits for the guns they used. Both posted videos indicating their plans to YouTube before their shooting sprees.
New systems should be developed, through which Internet service providers can inform authorities on observations indicating a severe crime, Tuulikki Petajaniemi, the head of the commission, told a news conference.
Finland has one of the world's highest rates of gun ownership, with about 1.6 million registered arms in a country of 5.3 million people. The minimum age for gun ownership is currently 15, but the government is preparing new legislation which will most likely raise it to 18.
The new law should relevantly tighten regulations on licensing of firearms, especially for carrying hand guns, and measures to significantly decrease the number of firearms, Petajaniemi said.
The government should also work to combat bullying and marginalization and improve mental health care services for young people, the report said.
(Reporting by Eva Lamppu and Sakari Suoninen, editing by Mark Trevelyan)
Rio Carnival 2012 (PHOTOS)
Revellers from the Beija-Flor samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
Revellers from the Beija-Flor samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
Revellers from the Beija-Flor samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
Drum queen Sabrina Sato of the Vila Isabel samba school dances on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
A reveller from the Beija-Flor samba school parades on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012. USD/JPY: The Dollar jumps above 98.00 as Obama announces plans for a Bank bailout
FXstreet.com (Barcelona) - The USD/JPY has broken resistance at 98.00 after Obama announced a plan for a new Bailout plan to reactivate banking system. The pair has reached a maximum of 98.20 before dropping back some pips above 98.00.
If the Dollar remains above 98.00 it could attempt to test resistance at 99.0 and above there, 99.57 before reaching 100.00 psychological level. Rejection from 98.00 could trigger a correction move towards 97.35 first and below there 96.45.
Rio Carnival 2012 (PHOTOS)
A reveller from the Porto da Pedra samba school parades on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012.
Rio Carnival 2012 (PHOTOS)
Revellers from the Beija-Flor samba school parade on the first night of the annual Carnival parade in Rio de Janeiro's Sambadrome February 20, 2012. GBP/USD: Cable sets an attack to the 1.4360 resistance level
FXstreet.com (Barcelona) - The Pound has rallied almost 200 pips already after bottoming at 1.4160 in Asian session and, at the moment the pair is launching an assault to the 1.4360 resistance line.
If the Cable holds above 1.4360, further buying pressure could drive Sterling twards 1.4435/50 area, and above there the path would be clear to the 1.4575 area Feb 25 high), reversing all the ground lost on yesterday's decline.
On the downside, the Pound could refuse to take 1.4360 and test 1.4300 again, if bearish pressure increasesm next6 support level could be intra-week low at 1.4165.
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