BPM posted a 1-week high at 1.4610 and an overall low at 1.4546 during Tuesday night's Globex session. The June British Pound opened higher yesterday morning, sold off and then consolidated for the rest of the session to finally settle -8 bp at 1.4566 to complete a bearish hook reversal. The contract posted an IMM high at 1.4590 and an IMM low at 1.4550. The 9-day RSI fell to 54.2 from the previous session's 55.7 where it remains neutral. The short-term trend is neutral as the contract posted a 3-week low and low settlement last Tuesday. The intermediate-term trend is bullish as the contract posted a new contract high on May 3rd and a new contract high settlement on May 6th. The long- term trend is bullish with BPM breaking out above a wide 8-month range. Primary resistance levels for BPM are: 1.4610, 1.4664, 1.4760 and 1.5700. Primary support levels for BPM are: 1.4546, 1.4510, 1.4426, 1.4410, 1.4282, 1.4226, 1.4148, and 1.4122. Theoretical basis for today: +20 IMM bp.

SUPPORT/RESISTANCE LEVELS -- CASH BRITISH POUND

2.6437  All-time high (3/9/72)
1.7325  9-1/2 year high (10/8/98)
1.6943  3-1/2 year high (12/14/98)
1.6791  3-1/4 year high (10/22/99)
1.6593  2-1/2 year high (1/20/00)
1.6193  2-1/4 year high (2/22/00)
1.6077  26-1/2 month high (4/4/00)
1.5313  2-year high (6/6/00)
1.5217  23-3/4 mo hi (7/26/00 & 7/25/00)
1.5101  1-3/4 year high (1/8/01)
1.4834  1-1/4 year high (2/2/01 & 10/8/01)
1.4700  7-1/4 month high (My 3)
1.4682  7-1/4 month high settle (May 3)
1.4633  1-week high (Yesterday)
1.4599  1-week high settle (Tue 2pm & Last Wed)
*1.4582 Previous Settle (Wednesday)
1.4571  Yesterday's low
1.4536  1-week low (Tuesday)
1.4493  3-week low settle (Last Tue)
1.4468  3-week low (Last Tue)
1.4456  1-1/4 month low (Apr 24 & Apr 19)
1.4289  1-3/4 month low (Apr 8)
1.4246  2-1/4 month low settle (Mar 27)
1.4214  2-1/4 month low (Mar 27)
1.4089  3-1/2 month low (Mar 19)
1.4044  9-3/4 mo lo (Jan 28,Feb 1,Nov 23)
1.3932  10-3/4 month low (7/17/01)
1.3682  15-1/3 year low (6/12/01)
1.0345  All-time low (2/26/85)

CASH RETRACEMENT BRITISH POUND 2-1/2 year .3109 point downmove from 1.6791 (10/22/99) to 1.3682 (6/12/01)       37% retrace (10/8/01) 1.4834

HIGH   3/4    2/3    .618   1/2    .382   1/3    1/4    LOW
1.6791 1.6014 1.5755 1.5603 1.5236 1.4870 1.4718 1.4459 1.3682

SUPPORT/RESISTANCE LEVELS -- BRITISH POUND FUTURES (BPM02)

1.5700  2-year high (9/11/01) (U01)
1.4760  8-month high weekly nearest (Z01)
1.4664  Contract high (May 3)
1.4646  Contract high settle (May 6)
1.4610  1-week high (Yesterday-Globex)
1.4590  Yesterday's IMM high
1.4574  1-week high settle (Tuesday) & Pivot Point
*1.4566 Previous Settle (Wednesday)
1.4550  Yesterday's IMM low
1.4546  Yesterday's overall low (Globex)
1.4510  1-week low (Tuesday)
1.4506  30-day moving average
1.4462  3-week low settle (Last Tuesday)
1.4426  3-week low (Last Tuesday)
1.4410  1-month low (Apr 24)
1.4392  50-day moving average
1.4282  1-1/4 month low (April 11)
1.4278  100-day moving average
1.4276  200-day moving average
1.4248  1-3/4 month low settle (Apr 8)
1.4226  1-3/4 month low (Apr 8)
1.4182  2-1/4 month low settle (Mar 27)
1.4148  2-month low (Mar 27)
1.4122  2-1/4 month low (Mar 20)
1.4080  3-1/4 mo low stl(Mar 19 & Feb 26)
1.4010  3-1/2 mo low (Mar 19 & Feb 28)
1.3970  3-3/4 month low (Feb 7)
1.3954  5-3/4 mo low and low sttl (Jan 28)
1.3944  10-1/2 month low settle (11/23/01)
1.3910  10-1/2 month low (11/27/01)
1.3782  11-1/2 mo lo and lo sttl (7/17/01)
1.3546  Contract low & low settle (Jun 12)
1.1528  All time low settle (Z84 10/1/84)

RETRACEMENTS-- BRITISH POUND FUTURES (BPM02)
5-3/4 month 754 bp upmove from 1.3910 (11/27/01) to 1.4664 (5/3/02) 32%       retrace (Last Tuesday's low) 1.4426

HIGH   1/4    1/3    .382   1/2    .618   2/3    3/4    LOW
1.4664 1.4476 1.4412 1.4376 1.4288 1.4198 1.4162 1.4098 1.3910