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British Pound Finds Support Above 1.7500

By Sam Shenker
06 July 2005 08:08 GMT
As short-term price action continues to favor cable longs, a move to the upside will most likely be capped by the offers around 1.7700, with a further move to the upside being capped by the 1.8000 handle. Indicators signal trending conditions with ADX (DMI) rising to 29.83. Stochastic is approaching the oversold level on the daily chart at 19.81 while on the (4HR) dealer chart, Stochastic is in oversold territory at 17.68. RSI has crossed below the oversold level to 24.90 on the daily chart and is treading below the oversold line at 29.11 on the 4-hour chart. MACD is pointing downward below the zero line on the daily chart and is pointing upward below the zero line on the (4HR) chart.

 
Key levels

 
Level
Resistance
Details
1.7836
Major
5-day SMA
1.7764
Intermediate
Oct 7 daily spike low
1.7710
Minor
Sep 7, 2004 daily spike low
Level
Support
Details
1.7482
Minor
May 14, 2004 daily low
1.7358
Intermediate
Dec 15, 2003 daily spike low
1.7194
Major
Dec 5, 2003 daily spike low

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06 July 2005 08:08 GMT