GBP/USD 1.5300 – 9 April 2010

GBP/USD Open 1.5358 High 1.5346 Low 1.5140 Close 1.5359
Pound/Dollar continues wavering this week, including on Thursday, not in line with the negative Interbank sentiment at around -18%. The Cable dropped yesterday from 1.5276 to 1.5140, closing the day at 1.5359. Today, however, Sterling is showing some strength. First resistance is today’s top at 1.5346. Break above it should extend the bullish movement further towards 1.5418. The nearest support is yesterday’s bottom at 1.5140. Going bellow it may shake the bull’s strength, and could weaken the Sterling further down towards 1.5060. Today’s focus is on PPI Output and Input at 8:30 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The values of RSI, MACD and CCI indicators are all positive and rising on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5346 1.5418 1.5488
Technical support levels: 1.5140 1.5060 1.4958

Trading range: 1.5290 – 1.5360
Trend: Upward
Buy at 1.5300 SL 1.5270 TP 1.5350

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