Mizuho Corporate Bank

Technical Analysis 02 August 2010

GBP
GBP=D3, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Weekly
17Oct09 - 06Feb11
Pr
GBP=D3 , Last Quote, Candle
08Aug10 1.5728 1.5743 1.5695 1.5735 1.68
GBP=D3 , Last Quote, Tenkan Sen 9
08Aug10 1.5045
GBP=D3 , Last Quote, Kijun Sen 26
1.66
08Aug10 1.5022
GBP=D3 , Last Quote, Senkou Span(a) 52
30Jan11 1.5033
1.64
GBP=D3 , Last Quote, Senkou Span(b) 52
30Jan11 1.5554
GBP=D3 , Last Quote, Chikou Span 26
1.62
14Feb10 1.5735

1.6

1.58

1.56

1.54

1.52

1.5

1.48

1.46

1.44

1.42
Nov09 Dec Jan10 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan11 Feb

Comment: Another strong weekly rally, Cable has retraced over half of 2010’s decline, 9 and 26-week moving
averages just about to cross to bullish. Note that July’s best performer was the Australian dollar up 8.00% against
the greenback. With consensus forecasts of 1.4800 in 12 months’ time there is probably still a lot more short-
covering to be done. Sterling is overbought but bullish momentum is stronger than it has been in a year. The best
monthly close in five puts this pair in line to test more important resistance at 1.6000.

Strategy: Attempt small longs at 1.5730 but only if prepared to add to 1.5600; stop well below 1.5500. First
target 1.5775, then 1.5875.
Chart Levels:
Support Resistance Direction of Trade
1.5695/1.5680 1.5743
1.5600 1.5775*
1.5545 1.5820
1.5500 1.5875*
1.5400* 1.5900

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.