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Alert - 10:15 (CET) - Sterling is challenging June 2002 levels against the Dollar
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A few days ago the Sterling was shining, after the British government bailout. The fact that the UK is entering a sever recession, according to the BoE Governor, Mervyn King, makes the Sterling to challenge last week's low (and the 2008 low as well) at 1.5265 dollars.
The GbpUsd is trading at 1.5299, ranging from 1.5279 to 1.5921. The current price is under yesterday's close at 1.5897. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
As the current price broke the support at 1.5471 (August 2003 low), the traders are contemplating the next at 1.5219 (October 2002 low) and 1.5000 (key). They are also watching the resistances, just in case, at 1.6000 (key), 1.6601 (October 22nd high) and 1.7199 (October 21st high).
Checking the hourly graphics again, the current price is under the 38.20% (1.5767) and over the 23.60% (1.3701) Fibonacci retracement lines. The average volatility per hour is 700 pips and the 60-minute Relative Strenght Index (RSI) is at 25 points, oversold.
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