British Pound: The Downside Prevails

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British Pound: The Downside Prevails

By Trading Central on May 28, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	70.8
Resistance2:	69
Resistance1:	66
Last:	62.64
Pivot:	66
Support1:	61.6
Support2:	60
Support3:	57

Pivot: 66

Our preference: Short positions below 66 with targets @ 61.6 & 60 in extension.

Alternative scenario: Above 66 look for further upside with 69 & 70.8 as targets.

Comment: the pair is breaking below its bearish channel lower boundary, the RSI is on the downside.

70.8
69
66
62.64 (last)
61.6
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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