Technical Analysis – 8 April 2010
GBP/USD Open 1.5239 High 1.5280 Low 1.5142 Close 1.5240
Pound/Dollar is trading wavering this week, including Wednesday, not in line with the negative Interbank sentiment at nearly -19%. The Cable dropped yesterday from 1.5280 to 1.5142, closing the day at 1.5240. Today’s movement direction still remains uncertain. First resistance is yesterday’s top at 1.5280. Break above it should extend the bullish movement further towards 1.5398. The nearest support is yesterday’s bottom at 1.5142. 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 Halifax housing, Industrial production, and Manufacturing output at 8 and 8:30 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The values of RSI, MACD and CCI indicators are all negative and declining on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5280 1.5398 1.5488
Technical support levels: 1.5142 1.5060 1.4958
Trading range: 1.5180 – 1.5105
Sell at 1.5166 SL 1.5196 TP 1.5116
Written by iFOREX.bg