[Anna-Maria]

Yeah, they're treading cautiously ahead of Friday by the looks.

The UK printed a softer than anticipated Industrial Production number earlier this morning & there's obviously pockets of profit taking unfolding this week too.

As you say, it's not particularly convincing nor is it going to worry the Bears too much either at these levels.

It's shyed away from this 1st (23.6%) Fib above the 1.96 round number pretty smartly, which undoubtedly equates to continuing range trading in front of the Payrolls.

It's playing a game of bluff with the nervy traders trailing tight stops at the mo... 'shake, shake, shake'

[torero]

Looks like we're near or at 21.4% on 240min frame. Let's see if this will make a double-bottom to make sure this is good support. A bullish pennant is still at work and I'm still flat. It's also curious to note that the opposing pattern is the inverted cup-and-handle pattern at play as well. Hmmmm, ambiguous isn't it?

[Anna-Maria]

A quiet week leads us into one of the months most volatile data prints. Cable has held it's footing quite comfortably during this profit paring phase, & continues to flirt with it's 1st pullback Fib off the larger swing run above this 1.96 big fugure.

The 2 near term support zones (on the 4hr chart below) are clear initial targets for the ($) Bulls should the Payrolls offer an excuse to run prices up on the buck.

No real danger as yet for $ shorts, as prices have at least another 2.5 cents to shift (back to the 50% zone) in order to honor a satisfactory retrace/pullback point on the swing chart.

Volumes, as expected, are on the light side leading into 8.30 EST. Some decent guages now exist both North & South of this level into the day's close - should be an interesting NY session.