GBP/USD 1.5200 – 6 April 2010

GBP/USD Open 1.5296 High 1.5317 Low 1.5167 Close 1.5291
Pound/Dollar continued climbing last week, but rising stalled over the holiday weekend, in line with the slightly negative Interbank sentiment at nearly -18%. The Cable climbed yesterday from 1.5210 to 1.5317, closing the day at 1.5291. Today the bearish behavior continues. First resistance is yesterday’s top at 1.5317. Break above it should extend the bullish movement further towards 1.5398. The nearest support is today’s bottom at 1.5167. Going bellow it may shake the bull’s strength, and could weaken the Sterling further down towards 1.5120. There are no major economic events for UK today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The values of RSI and MACD indicators are negative and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5317 1.5398 1.5488
Technical support levels: 1.5167 1.5060 1.4958

Trading range: 1.5210 – 1.5140
Trend: Downward
Sell at 1.5200 SL 1.5230 TP 1.5150

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