British Pound: The Downside Prevails

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British Pound: The Downside Prevails

By Trading Central on May 19, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	72
Resistance2:	70.8
Resistance1:	68
Last:	64.69
Pivot:	68
Support1:	63
Support2:	60
Support3:	57

Pivot: 68

Our preference: Short positions below 68 with targets @ 63 & 60 in extension.

Alternative scenario: Above 68 look for further upside with 70.8 & 72 as targets.

Comment: the pair remains within a bearish channel and is breaking below its support, the RSI is on the downside.

72
70.8
68
64.69 (last)
63
60
57

*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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