Mizuho Corporate Bank

Technical Analysis 04 August 2010

GBP
GBP=D3, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Weekly
01Aug09 - 09Feb11
Pr
GBP=D3 , Last Quote, Candle
08Aug10 1.5710 1.5968 1.5695 1.5939 1.7
GBP=D3 , Last Quote, Tenkan Sen 9
08Aug10 1.5157
GBP=D3 , Last Quote, Kijun Sen 26 1.68
08Aug10 1.5098
GBP=D3 , Last Quote, Senkou Span(a) 52
30Jan11 1.5128 1.66
GBP=D3 , Last Quote, Senkou Span(b) 52
30Jan11 1.5554
GBP=D3 , Last Quote, Chikou Span 26 1.64
14Feb10 1.5939

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: Retracing over 61% of this year’s decline, a particularly impressive move considering the massive
weekly Ichimoku ‘cloud’ which looks set to be tested imminently. Sterling is more overbought than it has been since
June 2009 and likewise bullish momentum. On the Bank of England’s Trade Weighted basis sterling is still at the
same sort of level it has been since January 2009 underlining the fact that the move is caused predominantly by US
dollar weakness.

Strategy: Attempt small longs at 1.5930 adding to 1.5860; stop well below 1.5695. First target 1.6000/1.6070,
then 1.6450.
Chart Levels:
Support Resistance Direction of Trade
1.5900 1.5907
1.5860 1.5950
1.5800 1.6000
1.5695 1.6070
1.5545* 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.