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GBP/USD to Test Resistance as it Nears 1.63

Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Fibonacci Study
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis

GBP/USD Fails to Establish Bullish Momentum and Plunges (2/15)

GBP/USD

- In our previous cable post, we saw it fall sharply on the 15th, but you read that I had my beliefs another attempt at 1.63 was pending.
- This is materializing, as the sharp decline earlier in the week has been completed pared, and the market broke above this week's high, reaching now towards the previous high at 1.6277 or the 1.63 resistance.
- The RSI in the 4H chart reflects bullish continuation, but still the 1.63 level is resistance as seen in the daily chart.
- Now, I believe if there is topping, a decline would be more meaningful because the market has completed a bullish impulse structure in my opinion.
- The 1.5950 level is a pivot the market needs to clear for a target towards 1.5750.
- The daily chart shows that 1.63 is very important. If it breaks we have a long-term bullish signal in the making. Even if this is the case, a meaningful correction should take place before a rally continues above 1.63.

Will the bearish momentum resume? We would love to hear what you think.

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White House Correspondent Association Dinner

White House Correspondent Association Dinner

Stocks Holding on to Mild Gains in Afternoon Trading - U.S. Commentary

RTTNews - After a notably strong open, stocks continue to linger in positive territory, but are well off of their best levels of the day. With buying interest waning in the late morning hours, the major averages are currently holding on to minimal gains on the session.

Traders are digesting comments from Treasury Secretary Timothy Geithner who testified before lawmakers earlier, updating them on the progress of the $700 billion financial rescue plan known as the Troubled Asset Relief Program, or TARP. Geithner said that the financial system is stabilizing, and issued a timeline for further action by the Treasury.

Although stating a pick up in outlook, Geithner cautioned that it will take time for a full recovery.

The testimony came while President Obama held his first quarterly meeting with a 16 member economic advisory board, tasked with providing outside perspective for the administration.

Trader optimism picked up earlier in light of some positive news from the financial sector, as some major banks look to begin a pay back of government bail-out funds.

Relieving some of the concern about the embattled sector was Bank of America's (BAC) sale of common stock, which brought in $13.47 billion in fresh capital for the financial giant. The sale is part of the company's efforts to address a $33.9 billion capital shortfall identified by the U.S. government following the conclusion of the stress test of the nation's nineteen largest banks.

This afternoon, traders will focus on the release of minutes from the Federal Open Market Committee's April meeting. Traders will look to the minutes to gain some near-term economic outlook and any hint of policy moves by the Fed. The minutes are scheduled for release at 2:00 p.m. ET.

On the earnings front, discount retailer Target (TGT) reported first quarter earnings that beat out analyst forecasts by a dime. Traders have reacted positively to the earnings news, driving the stock up by 2.9 percent on the day.

Meanwhile, the world's largest agricultural equipment manufacturer Deere (DE), reported second quarter net income that edged out analyst estimates. The firm's stock advanced following the report, climbing by 2.9 percent on the session.

In other news, the New York arm of the Federal Reserve purchased $7.7 billion worth of securities with maturity dates ranging from February of 2016 to May of 2019 late in the morning. The day's buyback attracted considerably strong interest, with a total of $37.18 billion in treasuries submitted for the purchase.

Overall, the government has bought back $115.58 billion in treasuries since the program began on March 25th.

The major averages have moved off of their best levels of the day, barely holding in positive territory in recent trading. The Dow is currently up by 3.82 to 8478.67, the Nasdaq is up 6.82 to 1741.36, and the S&P 500 is up by 1.89 to 910.02.

Sector News

Most sectors continue to show gains in afternoon trading, helping to keep the major averages in positive territory.

Notable gains have emerged in healthcare provider stocks, with the Morgan Stanley Healthcare Provider Index up by 4.5 percent on the day. With the climb, the index has beaten its best level of the year, set earlier this month. The advance has also bolstered the index to its best level since early October.

Strength continues among steel stocks, with a 3.1 percent gain visible in the Amex Steel Index. The sector index also climbed to its highest level of the year and posted a 7-month high.

Gold, oil stocks continue to show strength on the day as gold and oil futures have climbed considerably in the commodity markets.

On the other hand, the major averages are being dragged down by weakness in banking, utilities and computer hardware stocks, down by at least 1.2 percent.

Stocks in the News

Shares of retailer Ann Taylor (ANN) are down despite the firm reporting a narrower than expected loss. The company reported a first quarter net loss of $2.31 million or $0.04 per share, compared to profit of $25.90 million or $0.43 per share in the same quarter of last year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.13 per share on revenues of $454.66 million for the quarter.

The firm's stock is down by 8.3 percent on the day, backing off of its highest level of the year posted in the previous session.

Shares of Regions Financial Corp. (RF), the holding company for Regions Bank slipped after the firm announced public offerings of $1 billion of common shares and $250 million of new mandatory convertible preferred shares.

The move raised some concern over share dilution and prompted some of the retreat in the firm's stock on the day. Shares have dipped by 4.5 percent, looking to finish lower for the second session in a row.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region finished mixed on Wednesday. Japan's benchmark Nikkei 225 Index rose by 0.5 percent, while Hong Kong's Hang Seng Index fell 0.3 percent.

Meanwhile, the major European markets closed the day on a mixed note. The French CAC 40 Index finished up 0.8 percent, while the German DAX Index also closed up, rising by 1.6 percent on the session. On the other hand, the U.K.'s FTSE 100 Index closed down by 0.3 percent.

In the bond markets, treasuries have seen some volatility on the day, but are currently in positive territory. Subsequently, the yield on the benchmark ten-year note is down less than a basis point, at 3.237 percent.

For comments and feedback: contact editorial@rttnews.com

White House Correspondent Association Dinner

White House Correspondent Association Dinner

White House Correspondent Association Dinner

Suu Kyi stands trial in infamous Myanmar court

YANGON - Aung San Suu Kyi sat confidently in the prison courtroom, listening over the din of a clacking typewriter and noisy ceiling fans.

The 63-year-old Nobel Peace laureate, charged with breaking the terms of her house arrest, was unmoved as the police investigator spoke.

She asked why I had come. I showed her the warrant and a picture of John Yettaw, Captain Tin Zaw Tun said, recalling his search of Suu Kyi's lakeside home after an American intruder was arrested for spending two days there.

In a rare concession from Myanmar's military regime after days of international outrage, some 30 diplomats and 10 Burmese journalists were allowed to watch the 45-minute hearing in Yangon's notorious Insein Central Prison.

Despite spending more than 13 of the past 19 years in detention, it is the first time Suu Kyi has faced the special court which has played a key role in the generals' suppression of dissent over the years.

Hers is the latest in a string of trials critics say are intended to eliminate political opposition ahead of elections in 2010, the final stages of the junta's roadmap to democracy.

Aside from dissidents, opposition politicians, labor activists and ordinary criminals, the court has also dealt swiftly with the military's own internal feuds.

The last time a trial on this scale was open to the media was 2002, when the relatives of former dictator Ne Win were sentenced to death for an alleged coup plot.

At Wednesday's hearing, the visitors stood up when Suu Kyi, dressed in a pink blouse and maroon longhi, or sarong, entered the packed courtroom.

Several female police officers also jumped to their feet at the sight of Suu Kyi. After a minute, they sheepishly looked at each other and sat down.

Suu Kyi spoke with her lawyers before the presiding judge, U Thaung Nyunt, and another judge took their seats in antique wooden chairs placed on a one-foot high platform.

Suu Kyi and two female assistants, who were also charged last Thursday, sat in plastic chairs facing the judges.

Nearby, a male court clerk tapped furiously on an aging typewriter as the police captain gave his testimony.

At times, he was drowned out by the busy typist, the ceiling fans and occasional barking dog outside.

Yettaw, the 53-year old American accused of using homemade flippers to swim across Yangon's Inya Lake to Suu Kyi's home, sat alone.

Dressed in a white shirt and khaki trousers, he appeared nervous at times. His motives remain unclear and he did not speak during the hearing.

Suu Kyi was also silent as she listened to the judge and prosecution witness.

When the hearing ended, she turned to the diplomats and journalists seated two rows behind her.

Thank you for coming and for your support, she said, smiling.

A few minutes later, a female police officer whispered something to her.

I'm sorry I can't meet you one by one, Suu Kyi said. I hope to meet you in better days.

She was escorted out of the courtroom and driven back to her guesthouse in the prison compound.

The trial resumes on Thursday.

Daily Forex Signals on EURUSD, USDCHF, AUDUSD, USDCAD and EURCHF by FXToday.co.uk

Latest trading recommendations.  Free delayed updates: Latest posting 13.00 GMT, 08.00 EST)  February 18th 2011

White House Correspondent Association Dinner

White House Correspondent Association Dinner

Oil hits 6-month high over $62 on U.S. stockpile draw

Oil rose 2 percent on Wednesday to touch a six-month high over $62 a barrel as government data showed a steep drop in U.S. crude and gasoline inventories ahead of the summer driving season.

U.S. crude rose $1.39 to $61.49 a barrel by 12:49 p.m. EDT after hitting a six-month high of $62.14. London Brent traded up $1.23 to $60.15 a barrel.

U.S. crude oil and gasoline stockpiles fell sharply last week, according to a U.S. Energy Information Administration report, with crude down 2.1 million barrels and gasoline off 4.3 million barrels.

Week over week, the report is very bullish, said Phil Flynn of Alaron trading in Chicago.

There are still questions over the economy, whether these prices can be sustained, which is why we will probably return to the stock market to see if there are any signs of economic help.

U.S. stocks pared early gains in afternoon activity as a pullback in financial shares offset positive broker comments on bellwethers McDonald's and Procter & Gamble. <.N>

Stock market strength has supported crude prices in recent months, helping lift them from lows below $34 a barrel on optimism any rebound in the economy could spur fuel demand.

Weak demand has sent crude prices off record highs over $147 a barrel struck last July.

Fire struck gasoline making units at two U.S. refineries this week, triggering a roughly 8 percent spike in U.S. gasoline futures on Tuesday as the United States gears up for the Memorial Day holiday, traditionally the start of summer driving season.

Data from Japan showed gasoline inventories at their lowest level since September 2007 and kerosene stocks declining to a near three-year low in part due to strong sales.

Further strength has come from unrest in OPEC member Nigeria, Africa's top oil and gas exporter. Shooting broke out in the Nigerian oil port city of Warri on Wednesday following days of military helicopter and gunboat raids on militant camps in the surrounding creeks.

Top Italian oil and gas company ENI SpA declared force majeure for its Brass River export terminal in Nigeria, adding its output affected so far was 9,000 barrels per day.

The Algerian oil minister said the Organization of Petroleum Exporting Countries (OPEC), which has agreed to cut 4.2 million bpd of output since September to prop up prices, has no reason to cut output again when it next meets on May 28.

(Reporting by Matthew Robinson, Gene Ramos, Robert Gibbons, Edward McAllister in New York; Christopher Balwin in London; Editing by David Gregorio)

White House Correspondent Association Dinner

White House Correspondent Association Dinner

White House Correspondent Association Dinner

White House Correspondent Association Dinner

White House Correspondent Association Dinner

Radiohead's King of Limbs and new music video for Lotus Flower availalble now

Radiohead pushed forward the release of their new album, The King of Limbs, and it is available now for download.

XL Recordings posted on their website today, With everything ready on their website, the band decided to bring forward the release by a day rather than wait until the planned date of Saturday, Feb 19 to deliver the music.  

The band also released the first music video from the album for the single, Lotus Flower.

The British alternative rock band publicized their new album as the Newspaper Album. It will come in the form of two 10-inch vinyl records in a purpose-built record-sleeve, a CD and many large sheets of artwork, 625 tiny pieces of artwork and a full-color piece of oxo-degradable plastic to hold it all together.

In 2007, Radiohead tested the music industry when they released their album In Rainbows at a pay what you want model.

The band is now packaging the new album as a collective listening experience. The price of the hard copy is $48 when sold with an MP3 download of the album, and $53 when sold with the WAV download. The discs and vinyl will ship May 9. The digital downloads will be available Sunday, Feb. 19, though everything can be pre-ordered. Fans can also purchase the album in a download-only format.

The price for the download-only option is $9 for MP3 and $14 for a WAV version.

One lucky owner of the digital version of The King of Limbs, will also receive a signed 2 track 12 vinyl.

The album will also have a traditional release on CD and 12 vinyl on March 28. The band has not released any information about the contents of The King of Limbs, though they did confirm that their longtime collaborator Nigel Godrich produced the record.

Watch the video for Lotus Flower below.

White House Correspondent Association Dinner

White House Correspondent Association Dinner

CORRECTED: Cell phone industry seen facing more trouble

Gartner corrects Q1 market fall to 8.6 percent from 9.4 percent in paragraph 2

PARIS - A recovery in cell phone demand will not happen until well into 2010, researcher Gartner said on Wednesday, while Reuters data showed the industry could suffer its worst quarter ever in April-June.

The handset market fell 8.6 percent in the first quarter of 2009, Gartner said, adding it saw demand stabilizing but it would not be until next year before demand would grow again.

We do not expect demand to get better before second half of 2010, said Gartner analyst Carolina Milanesi.

A Reuters poll of 34 analysts forecast handset vendor phone sales in the April-June quarter to slump 14.5 percent, with 2009 sales forecast to slide 10.3 percent.

Several companies and analysts have said the worst could well be over for the industry after the first quarter drop, as the fall was partly caused by retailers selling stockpiles of older phones.

In the first quarter, handset vendors sold 14.3 percent fewer phones than a year ago, according to research firm CCS Insight, with the world's top cell phone maker Nokia reporting its first-ever quarterly pretax loss.

Gartner, which tracks changes in inventory and actual sales to consumers, said retailers sold some 25 million phones from inventories in the first quarter.

It said it expects inventory reduction to continue in the second quarter, but at a pace of some of 10-12 million phones.

Although inventory has diminished there are still no clear signs of an improvement in consumer demand, said CCS Insight analyst Geoff Blaber.

Global Crown analyst Tero Kuittinen said he expects phone sales in the second quarter to rise 5 percent from the first, but mostly due to the inventory change.

Trends in the key UK and Spanish markets remain worrisome; and consumer behavior across Europe continues shifting. People exiting 18- or 24-month plans drift toward prepaid phones or cheap monthly plans, Kuittinen said.

SMARTPHONE BOOM TO EASE PAIN

Gartner said 36.4 million smartphones were sold in the first quarter, up 12.7 percent from a year ago, and said it expects faster growth later in the year boosted by new and attractive models from many of the top vendors.

Gartner's 27 percent growth forecast for the 2009 smartphone market is far ahead of many industry players, who forecast market to grow 10 to 20 percent this year.

Aymar de Lencquesaing, the chief of Acer's phone unit, told Reuters Global Technology Summit he expected market growth in coming years to beat analysts' average expectations of around 15 percent as smartphone prices dropped.

I would argue it could be a lot faster. It's a question of price point ... I would bet, if I were to bet, that we will see an acceleration of the conversion to smartphones rather than slowdown, even in a recession, he said.

Lee Williams, chief of the Symbian Foundation, the consortium of companies around the world's most popular smartphone operating system, said at the summit he expected the market to grow 12-15 percent this year.

Nokia has been losing market share in high-end and high-margin smartphones for many quarters to Apple, Research in Motion and HTC, but Gartner said the firm was able to stop the trend in the first quarter, helped by success of its first touch-screen phone, Nokia 5800.

Nokia's market share in smartphones rose to 41.2 percent from 40.8 percent from the previous quarter. Closest follower, BlackBerry-maker RIM, controlled 20 percent of the market.

(Reporting by Tarmo Virki; Editing by Erica Billingham)

German defense minister ensnared in plagiarism scandal

Germany’s defense minister has found himself in a quagmire over allegations that he plagiarized portions of his doctoral thesis.

Karl-Theodor zu Guttenberg said he will refrain from using his academic title pending the outcome of an investigation of the charges by his former professors.

Opposition Social Democrat politicians have called for Guttenberg’s resignation as German media keeps hacking away at the minister, citing that his 2006 thesis at the University of Bayreuth was partially lifted from other sources.

“The doctoral thesis that I wrote is not a work of plagiarism,” Guttenberg, told reporters in Berlin. “It undoubtedly contains errors. But at no point was there conscious deception, nor were original sources consciously obscured.”

Guttenberg has been one of Germany’s most popular political figures and is closely associated with Chancellor Angela Merkel, who is supporting him. With an aristocratic Bavarian background, he has even been considered as a possible successor to the Chancellor.

Meanwhile Guttenberg has promised to cooperate with the university’s inquiry.

“Pending the result of this review, I will be happy to temporarily stop using my title,” he declared.