British Pound: The Downside Prevails

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British Pound: The Downside Prevails

By Trading Central on May 12, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	72
Resistance2:	70.8
Resistance1:	69
Last:	65.45
Pivot:	69
Support1:	65
Support2:	63
Support3:	60

Pivot: 69

Our preference: Short positions below 69 with targets @ 65 & 63 in extension.

Alternative scenario: Above 69 look for further upside with 70.8 & 72 as targets.

Comment: the pair remains within a bearish channel and is challenging its support, the RSI is badly directed.

72
70.8
69
65.45 (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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