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TECHNICAL DATA: GBP / USD - Friday Jul 4

	EUR / USD		USD / JPY

Current Fundamentals	Upcoming Events	Indicator Charts NEW!	Commodity Currencies

Note: Bid/Ask quotes do not change instantaneously in this table.

Thus: The spreads may differ to the fixed spreads on your platform.


	Full range of our Bid/Ask spreads

Read about:

Bollinger Bands ( PDF, 250 Kb )

Candlesticks ( PDF, 290 Kb )

MACD ( PDF, 100 Kb )

GBP / USD Key Technical Support / Resistance Points

Resistance 3	2.0575	High Dec 12
Resistance 2	2.0395	High Mar 14
Resistance 1	2.0007	High Jul 1
Current Spot	1.9829	Close Jul 3
Support 1	1.9363	Low May 14
Support 2	1.9337	Low Jan 22
Support 3	1.9184	Low Mar 5 2007

GBP / USD – Technical Indicators: Close Jul 3 2008

Indicator	Reading	Interpretation	Signal
Momentum*	0.0107	Upside, Falling	Bullish
RSI**	54.31	Falling	Neutral
Stochastic Slow***	%D 81.60 %K 88.54	Falling	Neutral
ADX	18.70	No Trend	Indecision
Candlestick	Long Period	Downside	Bearish
MACD	0.0064	MACD is positive and decreasing	Bearish
Bollinger Bands	Low: 1.9418 High: 2.0016	Bands flattening as upside pressure came off	Indecision
Simple & Exponential Moving Averages #	3 day = 1.9877 20 day = 1.9757 60 day = 1.9734 100 day = 1.9775	Price closed above all key MA levels	Overbought

*10 Day Period. ** 14 Day Period. *** Parameters = 14,3,3

# 100 Day is simple Moving Average. 3, 20 and 60 day are Exponential Moving Averages

Technical Note

The pair came off by just over a cent on Thursday as the dollar pushed the pound back towards support at 1.98, which held firm and is now a key level of pound support, given the dollar has failed to breach this point for a week. Momentum is with the pound on the dailies into Friday and MACD signals a positive uptrend, but one which is decreasing in value, lending some bias to the dollar. RSI is neutral but the stochastics again signal the pair as overbought and give the dollar a chance to extend its gains. The ADX indicator does not signal any real trend and with the Bollinger trading bands flat, the pair could yet move in either direction. We have remained within a very narrow 1.98 to 2.00 price band all week and whichever currency manages to convincingly break outside this range should gain the upper hand in the short term. If the dollar does extend its rally into Friday, a sustained break below 1.98 could see the pair slide to take on support at 1.9750, which if it gives way, could trigger a sharper retreat to 1.97, with the potential for a return to 1.96 next week. If the pound regains control and the pair does move higher on Friday, a break above 1.9850 could see the pair rise more sharply back towards the 1.99 line. Any sustained break above 1.99 could see the pair rise towards 1.9950, with the possibility of a retest of the 2.00 line by early next week. Liquidity will be low on Friday because of a holiday in the US and traders are advised that market conditions will be very thin ahead of the weekend and price moves could prove to be misleading and be easily reversed on Monday, when normal liquidity volumes return.

CHARTS (click to enlarge and gain clearer view)

Candlestick Chart

Bollinger Bands Chart

MACD Chart

	EUR / USD		USD / JPY