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GBP Mid-day Analysis

The Pound is poised to fall back to consolidation support around the September lows.

Today’s highlights: USDJPY’s advance has found a temporary halt just shy of the potential trend line resistance at 107.52.

Polish inflation without surprise Czech producer prices remain calm August inflation data, released in Poland yesterday,

CPI came in at 0.4% m/m in August reducing the year on year figure by 0.1% point to 1.5% y/y.

EUR/USD is trying to bounce from its oversolddecline.

EUR/USD over 1.2890 would target 1.3047 next. Below 1.2908 would reopen the recent 1.2859 low again…

Aussie met all of our downside targets now after breaking last week’s bear flag (we took profits on the initial bear flag target at .9134).

The 7 month triangle breakout is now followed by a 2014 breakout and this is all unfolding as an impulsive Elliott wave rally.

The Euro bounce Friday has satisfied minimum requirements for wave-(iv) now that prices have tested near 1.2988;

Core bonds rebounded yesterday after sizable losses last week. The German 10-year yield edged lower by some 1.5bp,

Main data releases will be German ZEW and UK inflation.

Despite an inside day Monday bears remain focused on the $1182.4-1201.9 region