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Alert - 10:20 (CET) - Dollar accumulates 4% this week against the Sterling
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The GbpUsd is trading at 1.7719, ranging from 1.7607 to 1.7735. The current price is over yesterday's close at 1.7639. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The resistances are set at 1.8365 (July 25th 2006 low), 1.8590 (October 11th 2006 high) and 1.8795 (August 21st high). As the supports at 1.8000 (key) and 1.7750 (April 20th 2006 low) were broken, the traders contemplate the next at 1.7500 (key).
This week, the Dollar has gained 4% against the Sterling, as the Fed is better placed to face the world credit crisis than the Bank of England.
Checking the hourly graphics again, the current price is under the 0.00% (1.7679) Fibonacci retracement lines. The volatility per hour is 160 pips and the 60-minute Relative Strenght Index (RSI) is at 55 points, after being oversold.
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