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Technical Analysis – GBP/USD More Losses

Signal posted on August 25, 2008, at 3:23 am GMT

8-25-08

4:06a GMT – The GBP/USD continues to look negative technically and fundamentally as another key support level was broken at 1.8525. Fundamentally both the GBP and USD are weak however the USD has been supported by strong buys over the past several weeks and the retreating price of oil. Main risk to the technical trade are the oversold levels (pair just crossed back above the RSI 30 on the 4 hour charts) which have cooled off some from a low of 12.

Trading Idea: shorts favored below 1.8565 with targets down to 1.8205.

(click to enlarge)

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