British Pound: The Downside Prevails

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British Pound: The Downside Prevails

By Trading Central on May 1, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	77
Resistance2:	73.8
Resistance1:	70.9
Last:	67.32
Pivot:	70.9
Support1:	67
Support2:	65
Support3:	63

Pivot: 70.9

Our preference: Short positions below 70.9 with targets @ 67 & 65 in extension.

Alternative scenario: Above 70.9 look for further upside with 73.8 & 77 as targets.

Comment: the pair has struck against its bearish channel upper boundary, the RSI is on the downside.

77
73.8
70.9
67.32 (last)
67
65
63

*USD/GBP Index: the ISE Exchange measures the strength and weakness of the US DOLLAR versus the BRITISH POUND. For details go to www.ise.com

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