Sterling the worst performer ahead of USD on worse than expected Q1 GDO and concerns of a possible downgrade of the UKs credit rating. Cable targets at 1.4580, followed by 1.4530 in event of pullback in US trade. Note how Japanese stocks closed lower despite positive US Thurs session (due to after hour earnings). This will likely push US indices lower, thus, weighing further on GBP, to the benefit of JPY. Also consider accumulating EURAUD for 1.8850 target from current 1.8457. Support stands at 1.8230.
Market Thoughts
DailyForex.com