British Pound: The Downside Prevails

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British Pound: The Downside Prevails

By Trading Central on May 7, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	73.8
Resistance2:	72
Resistance1:	70
Last:	66.36
Pivot:	70
Support1:	65
Support2:	63
Support3:	60

Pivot: 70

Our preference: Short positions below 70 with targets @ 65 & 63 in extension.

Alternative scenario: Above 70 look for further upside with 72 & 73.8 as targets.

Comment: the pair has struck against its bearish channel upper boundary and is challenging its support, the RSI is bearish.

73.8
72
70
66.36 (last)
65
63
60

*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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