Excerpt from:
Pound Dragged Lower as EURGBP Spikes on Greek Bailout Chatter

US Dollar at a Crossroads: Further Gains or Finally a Pullback?
Euro: ECB Decision a Write Off, Financial Troubles the Real Threat
Japanese Yen Could Remain Directionless Despite Week Of Event Risk
British Pound Selling to Continue on Interest Rate Outlook
Swiss Franc Torn Between Major Trends in Other Currencies
Canadian Dollar to Face 4Q GDP, Bank of Canada Rate Decision
Australian Dollar Could Snap Back to Trend with an RBA Surprise
New Zealand Dollar Forecast to Track S&P 500’s Every Move

Original post:
Forex Weekly Trading Forecast - 03.01.10

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Our British Pound short position has met its initial objective and we have revised the profit target lower to 1.50. We have also added a short Australian Dollar position

Extreme weakness in the pound has catapulted EUR/GBP higher. After weeks of moving sideways below the 200 SMA, EUR/GBP has closed above that very much watched moving average. I would not chase it here but look for some kind of retest of the .8873 breakout area. Though Stochastics has crossed over into overbought territory, EUR/GBP could continue to move a several hundred pips while this indicator is in this area. The inability of the EUR/GBP to get and stay below the key .8700 level bodes will for a bullish trade.

EURUSD – Euro Forecast Turns Aggressively Bearish
GBPUSD – British Pound Outlook Remains Bearish
USDJPY – Japanese Yen Forecast to Rally Sharply
USDCHF – Swiss Franc Expected to Lose Further
USDCAD – Canadian Dollar Forecast to Weaken Against USD
GBPJPY – British Pound Forecast Bearish versus Japanese Yen

EURUSD – Euro Forecast to Depreciate vs US Dollar
GBPUSD – British Pound Outlook Strongly Bearish
USDJPY – Japanese Yen Trading Higher against US Dollar
USDCHF – Swiss Franc Forecast to Depreciate vs. USD
USDCAD – Canadian Dollar Likely to Weaken Further Against USD
GBPJPY – British Pound Forecast Very Bearish versus Japanese Yen

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The second reading of U.K. GDP was revised higher to 0.3% from 0.1% as the country emerged from its recession. Consumer spending increased by 0.4% and based on the jump in the CBI retail survey is expected to continue, which bodes well for future growth.

Source:
Stronger Than Expected U.K. Growth Creates Difficult Decision For BoE

The British Pound tumbled lower during the European trade even as the preliminary 4Q GDP report reinforced an improved outlook for the U.K., and the bigger-than-expected rise in the growth rate is likely to lead the Bank of England to hold a neutral policy stance next week as the expansion in monetary and fiscal policy continues to feed through the real economy.

Credit:
British Pound Fails to Benefit From Enhanced 4Q GDP Report, U.S. Dollar Mixed

Oil, gold and silver are set to correct higher as rising stock markets in Asia and Europe as well as higher US equity index futures point to a broad recovery in risk appetite.

See the rest here:
Crude Oil, Metals to Correct Higher as Risk Appetite Recovers