British Pound: Rebound Expected

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British Pound: Rebound Expected

By Trading Central on July 2, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	66.95
Resistance2:	65.5
Resistance1:	63.1
Last:	61.14
Pivot:	60
Support1:	60
Support2:	57
Support3:	55

Pivot: 60

Our preference: Long positions above 60 with targets @ 63.1 & 65.5 in extension.

Alternative scenario: Below 60 look for further downside with 57 & 55 as targets.

Comment: the pair is rebounding on its strong support and is breaking above its declining trend line.

66.95
65.5
63.1
61.14 (last)
60
57
55

*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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