GBP/USD

Sterling respecting resistance stays offered, entering into what appears to be a consolidation patttern. Techs currently are indicating that it may return to the bottom level of the consolidation pattern.

Sterling very bid with USD seeing a strong offer in EUR/USD. It took Sterling a little bit to catch up but when it did, it did so vehemently. Once again, we are back at levels in Sterling, which on a long term chart indicate further exaggerated range bound moves.

Sterling has been a beast this evening as it gapped lower, was offered into the low 1.9440's and bid up before the UK PPI #s and trade balance where it hesitated afterwards despite being GBP positive then took off where it sits comfortably above the 1.9600 figure area.

Sterling getting a nice bounce from the figure finds itself in the low 50s.

BLANCHFLOWER SAYS WEAKER POUND MAY HELP STIMULATE ECONOMY
BLANCHFLOWER SAYS POUND MAY FALL FURTHER
BLANCHFLOWER SAYS U.K. ECONOMY IS `AT A TIPPING POINT'

Bank of England will announce a plan to swap 50 billion pounds
of government bonds for mortgage-backed securities to ease
credit 
This plan has been rumored for some time and is view to be faverable towards GBP
     GBP/USD is unchanged from Fridays NY close at 1.9980

Market expecting 25 b.p. cut in the UK Thursday (7am NYC)
Moving rates to 5% FROM 5.25% 

Sterling is feeling firm after a short lived offer, mostly on the back on the back of a higher cross (GBP/JPY) which has only taken a small breather this evening, in the wake of a resumed JPY offer through London.

Sterling trying to break out of its hourly downtrend channel:

Sterling seeing a strong offer after the failure to recovery in the teens following the initial sell off: