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Mizuho Corporate Bank

Technical Analysis 02 August 2010


Monthly Outlook for GBP
GBP=D3, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Weekly
02Aug09 - 06Feb11
Pr
GBP=D3 , Last Quote, Candle 1.7
08Aug10 1.5728 1.5851 1.5695 1.5844
GBP=D3 , Last Quote, Tenkan Sen 9
08Aug10 1.5099 1.68
GBP=D3 , Last Quote, Kijun Sen 26
08Aug10 1.5040
GBP=D3 , Last Quote, Senkou Span(a) 52 1.66
30Jan11 1.5069
GBP=D3 , Last Quote, Senkou Span(b) 52
30Jan11 1.5554 1.64
GBP=D3 , Last Quote, Chikou Span 26
14Feb10 1.5844
1.62

1.6

61.8
1.58

1.56
50.0

1.54

38.2
1.52

1.5

1.48

1.46

1.44

1.42
Sep09 Oct Nov Dec Jan10 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan11 Feb

Comment: Cable is at last putting on some serious gains, retracing 61% of this year’s decline and making
inroads into a massive weekly Ichimoku ‘cloud’. Weekly moving averages look set to cross to bullish which ought to
turn momentum positive. The pace of the June/July rally adds weight to our view that declines since April are an
‘extension’ which has now been sorted. Despite fairly decent resistance at 1.5875 we favour a squeeze to 1.6000,
maybe 1.6500 this month/six weeks.
A weekly close below 1.5200 would force us to adjust.
Chart Levels:
Support Resistance Direction of Trade
1.5695 1.5875*
1.5500 1.6000
1.5395 1.6275
1.5200 1.6460*
1.5125* 1.6745**

Produced by London Branch - Nicole Elliott +44-20-7786-2509


The information contained in this paper is based on or derived from information generally available to the public from sources believed to be reliable. No representation or
warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This paper has been prepared
solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading
strategy.

Charts provided by Reuters.

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