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Forex Flash: Bund correction looms amid solid support – RBS

Bund prices reached a good support region of 145.00/144.90 after forming a meeting lines reversal pattern. According to Technical Markets Strategist Dmytro Bondar at RBS, “144.90 is the main support in the near time to determine the extent of correction, as if it is broken, then 144.50 might be tested. In the long term, the price formed a pennant pattern with the measuring target of 147.00 (flags fly at half-mast).

Furthermore, “We believe this target will be met after a possible correction from the 145.82 resistance. Resistance is expected at 145.82, 146.00/17, 146.37 and 146.67. Overall, we favor being long to 146.00/17 onto 146.67 and 147.00 on a caveat of a sustained break below 144.50.” Bondar adds.

Forex: GBP/USD eases after BoE King's speech

The GBP/USD bearish trend went as low as 1.4986 on Friday, but the psychological level at 1.5000 pulled the pair for some consolidation. That corrective movement was capped by the 1.5200 mark yesterday. Today, the market is moving lower again and has already breached below the 1.5100 line as the London session unfolds.
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BoE’s King: UK banks too big to fail

BoE governor Mervyn King testified on Wednesday on banking standards before the Parliamentary Committee in London. He said that UK banks were still too important to fail and that the UK Prudential Regulation Authority should address the issue.
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