Mizuho Corporate Bank

Technical Analysis 20 January 2010

GBP
GBP=D3, Last Quote [Candle], Last Quote [Ichimoku 9, 26, 52, 26] Daily
06Oct09 - 25Feb10
Pr
GBP=D3 , Last Quote, Candle
20Jan10 1.6365 1.6370 1.6281 1.6306
GBP=D3 , Last Quote, Tenkan Sen 9 1.68
20Jan10 1.6187
GBP=D3 , Last Quote, Kijun Sen 26
20Jan10 1.6146
GBP=D3 , Last Quote, Senkou Span(a) 52 1.67
24Feb10 1.6166
GBP=D3 , Last Quote, Senkou Span(b) 52
24Feb10 1.6356
1.66
GBP=D3 , Last Quote, Chikou Span 26
16Dec09 1.6306

1.65

1.64

1.63

1.62

1.61

1.6

1.59

1.58

1.57
12Oct09 19Oct 26Oct 02Nov 09Nov 16Nov 23Nov 30Nov 07Dec 14Dec 21Dec 28Dec 04Jan 11Jan 18Jan 25Jan 01Feb 08Feb 15Feb 22Feb

Comment: Holding up against the US dollar better than several other currencies, while struggling at the top of
the Ichimoku ‘cloud’, and moving averages suggest a long position. Note how this thins by Tuesday and how the
Lagging Span could get support from the flat-bottomed ‘cloud’ of 26 days ago. Cable is not overbought and
momentum is still not clearly bullish.

Strategy: Attempt small longs at 1.6295; stop well below 1.6200. Short term target 1.6385, then 1.6450.
Chart Levels:
Support Resistance Direction of Trade
1.6281 1.6370
1.6250 1.6400
1.6211 1.6459*
1.6150 1.6500
1.6137 1.6625

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.