British Pound US Dollar Exchange Rate Forecast
TUESDAY, 03 MARCH 2009 16:24:28 GMT
Written by Joel Kruger, Technical Currency Analyst; John Rivera, Currency Analyst; David Song, Currency Analyst
There was some mild room for optimism in February with the inability to extend below the previous multi-year trend lows by 1.3500 from January, finally ending a sequence of 6 consecutive monthly lower lows. However, the pair did manage to post a 7th consecutive monthly lower high and 7th consecutive monthly negative close to keep the intense bear trend firmly intact. Key levels to watch in March will be 1.4990 and 1.4000 (February high/Psychological). A sustained break back below 1.4000 will expose a direct retest of the 1.3500 multi-year lows from January, and then 1.3000 further down, while back above 1.4990, will delay bearish momentum and suggest that a meaningful base is in place. It is worth noting that the pair is the most overextended of any major pairing and as such, building longer-term positions at current levels would not be recommended. A close look at the monthly RSI confirms with the oscillator now sitting at life-time lows by 15. More Details.................
There was some mild room for optimism in February with the inability to extend below the previous multi-year trend lows by 1.3500 from January, finally ending a sequence of 6 consecutive monthly lower lows. However, the pair did manage to post a 7th consecutive monthly lower high and 7th consecutive monthly negative close to keep the intense bear trend firmly intact. Key levels to watch in March will be 1.4990 and 1.4000 (February high/Psychological). A sustained break back below 1.4000 will expose a direct retest of the 1.3500 multi-year lows from January, and then 1.3000 further down, while back above 1.4990, will delay bearish momentum and suggest that a meaningful base is in place. It is worth noting that the pair is the most overextended of any major pairing and as such, building longer-term positions at current levels would not be recommended. A close look at the monthly RSI confirms with the oscillator now sitting at life-time lows by 15. More Details.................
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