Facebook is making all time high on a daily time frame. The stock is trading above the 50day (shown in green) and the 100 (shown in yellow) moving average which means that the bias could be to the upside. The volatility for the pair is also high, as the price is trading away from its 20day moving average and it is almost about to pierce the Bollinger band. The next major resistance according to the Fibonacci projection could be near the 61.60 zone which is mentioned below.
The GBP/USD is trading below the 50 day (shown in green) moving average on a 30 minute time frame. The immediate support zone for the price could be near the 1.6243 which is mentioned below. The CCI indicator is pointing that the price is over sold however, the low on the indicator is still higher as compared to previous low which was on 20 December. This lines up with the RSI indicator which is trading in line with the price action and hence indicating that there may be more correction to come.
The Federal Reserve bank reduced their asset purchased finally yesterday by $10 billion which we were predicting in our analysis throughout this week. Although, many were caught on the wrong side of the market, but the 850 word statement by the Federal Reserve bank, which Bernanke took to extreme length to make sure the US bond does not get out of control and they can calm the market nerve. I think the deal maker was the dovish forward guidance by the Fed, and the result of this filtering through in the European markets today which are trading towards their high of the day.
The fact is that Bernanke has put the ball in motion and it will be up to Janet Yellen to play with it. But, considering she is a dove herself, so every meeting going forward, will be very closely watched by the market, and further tapering of their asset purchase program will remain the main focus among traders. So, not that Janet Yellen has to decide about the tapering, but she will also have to manage the market expectation, a very difficult task indeed.