British Pound Under Pressure Today On Bank Concerns

The longer term GBPUSD remains in a triangle formation. The topside ceiling resistance comes ina t 1.4735. The downside support comes in at 1.4248.  The price remains below the 100 day MA currently at the 1.5149.  The price has been below this key MA since August 2008.

From a shorter term perspective, the price has been pressured today.  There is banking concerns in the country.  There is hope for a bank rescue scheme that will help banks rid the toxic assets but earnings remain under pressure and this has the market worried.

The GBP/USD broke the 100 hour MA today after a few tests over the last few days.  The current level comes in at the 1.4435 level.  The market will have to move above this level today to solicit some positive buying.  Yesterday’s close at 1.4479 will also be eyed on the upside.  On the downside a break of the 200 hour moving average at 1.4353 will target the trendline support on the daily chart at 1.4248.

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