Short Sterling technicals

June10 has resistance at 99.28 if we move above 99.26. Below support at 99.23 sees buyers entering at the lower
end of the range at 99.21/20.

Sept10 struggling at 99.10. Once through 99.11 we can look for the contract highs of 99.15. Good support remains
at 99.06/05 but a break lower is possible and would target 99.025/02 for a buying opportunity.

Dec10 broke lower to hit our support at 98.76. A break of 98.75 is now possible and would take us to 98.725/72.
Expect a bounce from here to take us to 98.80 initially. If 98.76 holds we could bounce to 98.80 followed by
98.83/84. In the longer term this market now looks weakened so a bounce could be a selling opportunity.

March11 plunged to our support at 98.41. In the longer term this market is looking weaker but for today there is
good support down to 98.40. A bounce from here would target 98.45 then 98.47/48. A break below 98.38/37 is
a worry and should take us to 98.33/32 and could stretch to 98.29/28.