GBP/USD 1.5227 – 7 April 2010

GBP/USD Open 1.5269 High 1.5306 Low 1.5134 Close 1.5264
Pound/Dollar traded hesitantly on Tuesday, in converse with the negative Interbank sentiment at around -21%. The Cable dropped yesterday from 1.5306 to 1.5134, closing the day at 1.5264. Today’s movement direction still remains uncertain. First resistance is yesterday’s top at 1.5306. Break above it should extend the bullish movement further towards 1.5398. The nearest support is yesterday’s bottom at 1.5134. Going bellow it may shake the bull’s strength, and could weaken the Sterling further down towards 1.5060. Today’s focus is on UK CIPS services at 8:30 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slight bullish pressure. The values of RSI indicator is positive and declining, MACD is neutral and dovish, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall weak short signals.
Technical resistance levels: 1.5306 1.5398 1.5488
Technical support levels: 1.5134 1.5060 1.4958

Trading range: 1.5215 – 1.5290
Trend: Upward
Buy at 1.5227 SL 1.5197 TP 1.5277

Written by