GBP/USD 1.5206 – 1 April 2010

GBP/USD Open 1.5189 High 1.5247 Low 1.5053 Close 1.5182
Pound/Dollar continued to increase on Wednesday, in converse with the negative Interbank sentiment at around -37%. The Cable climbed yesterday from 1.5053 to 1.5203, closing the day at 1.5182. Today the bullish trend is making further efforts. First resistance is this today’s peak at 1.5247. Break above it should extend the bullish movement further towards 1.5361. The nearest support is yesterday’s bottom at 1.5053. Going bellow it may shake the bull’s strength, and could weaken the Sterling further towards 1.4974. Today’s focus is on UK CIPS manufacturing index at 08:30 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The values of RSI indicator is positive and rising, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5247 1.5361 1.5473
Technical support levels: 1.5053 1.4974 1.4894

Trading range: 1.5195 – 1.5270
Trend: Upward
Buy at 1.5206 SL 1.5176 TP 1.5256

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