Angelo Rellini
www.rellini.com

Although the British pound slipped after Fed Chairman Bernanke’s comments, as price has just bounced from 1.5442 partly due to cross-trading, suggesting consolidation would be seen but as suggested in our previous update that above the Kijun-Sen (now at 1.5520) is needed to signal intra-day low is in place, break

Despite intra-day brief drop to 1.2678 (triggered our stop at 1.2680) after Bernanke’s remarks, as price has rebounded again, suggesting further consolidation would be seen, however, break of resistance at 1.2765 (yesterday’s high) is needed to revive our bullishness for a stronger retracement of recent decline to 1.2795-00 (61.8% Fibonacci

Despite intra-day brief fall to 84.38, as the greenback has staged a strong rebound from there partly due to risk appetite, suggesting near term upside bias remains for the rise from 83.58 low to bring a stronger retracement of recent decline to 85.30/35 (61.8% Fibonacci retracement of 86.39-83.58) and possibly