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Alert - 09:50 (CET) - GbpUsd
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The reactions over the second bailout to the financial sector by the UK's government are going on in the Sterling market. After the British currency lost the psychological support at 1.40 dollars, it kept profit taking. Yesterday night, Mervy King, governor of the BoE, warned that the rate cuts made by the central bank so far will not be enough to take the UK out of a deep recession. As a consequence, Mr. King announced that the BoE will buy comercial papers and other kinds of debt to support it and stimulate the credit.
The GbpUsd is trading at 1.3789 Dollars per Pound. This session, the pair is ranging from 1.3716 to 1.4024, under yesterday's close at 1.3928. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The supports are being watched at 1.3770 (March 31st, 1985 low), 1.3500 (key) and 1.3040 (September 30th, 1985 low). The resistances are watched at 1.4000 (key), 1.4443 (January 20th low) and 1.4909 (January 19th low).
Checking the daily graphics, the current price is over the 23.60% (1.3701) and under the 38.20% (1.5767) Fibonacci retracement lines. The average volatility per hour is 500 pips and the 60-minute Relative Strenght Index (RSI) is at 29 points, oversold.
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