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DAILY TECHNICAL STRATEGIST

GBPUSD: Broader Bias Remains Lower Towards The 1.9360/35 Area.

Mohammed Isah

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09 May 2008 @ 07:14 am EST

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GBPUSD: While GBP continues to trade below its eroded support at the 1.9598 level (April 1508 low), risks for a push towards its 2008 lows at 1.9360/35 and beyond are likely. If that is seen, further weakness targeting the 1.9180 level, representing its Mar 0408 low should follow. Both the daily and weekly studies remain in alignment with this view. The 1.9598 level is now expected to revert to resistance on any recovery from the present level where a break could cause further corrective recovery towards the 1.9727/19 area, its Mar 0508/April 0108 lows ahead of the 1.9963/ 2.0026 levels, its Feb 2708/April 21 & 2808 highs and then the 2.0191 level, its Mar 2708 high. All in all, pressure continues to build on the downside with the 1.9360/35 zone serving as the next objective.

Support Comments

1.9360/35 2008 lows.

1.9180 Mar 0407 low

1.8902 Weekly 200 Ema

Resistance Comments

1.9674/53 April 2508 low/Aug 1707 high

1.9727/19 Mar 0508/April 0108 lows

1.9963/2.0026 Feb 2708/April 21 & 2808 highs

2.0191 Mar 2708 high

Daily Chart:GBPUSD