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Alert - 10:25 (CET) - GbpUsd
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The GbpUsd is trading at 1.7231, ranging from 1.7136 to 1.7353. The current price is under yesterday's close at 1.7269. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The resistances are set at 1.7697 (October 6th high), 1.7874 (October 1st high) and 1.8342 (September 29th high). As the support at 1.7145 (November 29th, 2005 low) is being challenged, the traders are contemplating the next at 1.7000 (key) and 1.6824 (November 14th low).
Even though the Sterling rebounded from last Friday's close at 1.6786, it's now profit taking from yesterday's high at 1.7631. The fact that the worries relating to the financial crisis are not giving any ground is triggering the investors to make a flying to safety of the Dollar.
Checking the hourly graphics again, the current price is under the 50.00% (1.7437) and over the 38.20% (1.5767) Fibonacci retracement lines. The volatility per hour is 380 pips and the 60-minute Relative Strenght Index (RSI) is at 38 points, retracing from the oversold area.
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