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Alert - 09:55 (CET) - GbpUsd retraces from its intrahour high, reacting to the mega-rescue
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The GbpUsd is trading at 1.7543, ranging from 1.7428 to 1.7657. The current price is over yesterday's close at 1.7455. 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). The supports are watched, just in case, at 1.7145 (November 29th, 2005 low), 1.7000 (key) and 1.6824 (November 14th low).
Since the opening in the City that the Sterling has been advancing against the Dollar, after the British government announced its historical financial sector rescue. This way, Gordon Brown's government will inject 50 billion Pounds into the institutions (US$ 87 billion) to avoid its collapse.
Furthermore, the Bank of England (BoE) will assist with liquidity auctions of 200 billion Pounds.
This way, the government of the UK is putting into march a strong nationalisation of its financial industry, with the FTSE 100 falling 4.67% right now.
Checking the hourly graphics again, the current price is under the 0.00% (1.7679) Fibonacci retracement lines. The volatility per hour is 180 pips and the 60-minute Relative Strenght Index (RSI) is at 52 points, rebounding from the oversold area.
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