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Mizuho Corporate Bank

Technical Analysis 03 August 2010


GBP
GBP=D3, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Weekly
25Jul09 - 05Feb11
Pr
GBP=D3 , Last Quote, Candle
08Aug10 1.5710 1.5907 1.5695 1.5886
GBP=D3 , Last Quote, Tenkan Sen 9 1.7
08Aug10 1.5127
GBP=D3 , Last Quote, Kijun Sen 26
08Aug10 1.5068 1.68
GBP=D3 , Last Quote, Senkou Span(a) 52
30Jan11 1.5097
1.66
GBP=D3 , Last Quote, Senkou Span(b) 52
30Jan11 1.5554
GBP=D3 , Last Quote, Chikou Span 26 1.64
14Feb10 1.5886

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
Aug09 Sep Oct Nov Dec Jan10 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan11 Feb

Comment: Being one of the hardest hit currencies in 2007-early 2009 it is to be expected that this one
recovers further and fester than others, retracing 61% of this year’s decline. Interestingly it is also keeping pace
with the Swiss franc which is seen as this year’s safe-haven. Sterling is overbought but bullish momentum is
stronger than it has been in a year. Declining futures volume suggests reluctant short-covering. There is more of
this to come.

Strategy: Attempt small longs at 1.5885 adding to 1.5800; stop well below 1.5500. First target 1.6000/1.6070,
then 1.6450.
Chart Levels:
Support Resistance Direction of Trade
1.5862 1.5907
1.5800 1.5950
1.5680 1.6000
1.5545 1.6070
1.5400* 1.6125

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.