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Alert - 10:55 (CET) - GbpUsd
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The GbpUsd is trading at 1.7575, ranging from 1.7515 and 1.7720. The current price is under yesterday's close at 1.7714. 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).
Due to the complicated credit situation in the UK, the Sterling market is waiting for the BoE's decision next Thursday. It's expected that the bank will cut interest rates by 0.75% to ease the credit sector and the economy.
Checking the hourly graphics again, the current price is under the 0.00% (1.7679) Fibonacci retracement lines. The volatility per hour is 300 pips and the 60-minute Relative Strenght Index (RSI) is at 37 points, near the oversold area.
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