GBP/USD 1.5402 – 12 April 2010

GBP/USD Open 1.5421 High 1.5486 Low 1.5268 Close 1.5366
Pound/Dollar followed the Euro up on Friday, in converse with the negative Interbank sentiment at around -8%. The Cable rose on Friday from 1.5268 to 1.5383, closing the week at 1.5366. Today, however, Sterling is showing weakness. First resistance is today’s top at 1.5486. Break above it should extend the bullish movement further towards 1.5600. The nearest support is Friday’s bottom at 1.5268. Going bellow it may shake the bull’s strength, and could weaken the Sterling further down towards 1.5140. There are no major economic events today for UK. Quotes are still moving above the 20 and 50 EMA on the 1 hour chart, indicating slight bullish pressure. The values of RSI, MACD and CCI indicators are all positive and declining on the 1 hour chart, giving overall range signals.
Technical resistance levels: 1.5486 1.5600 1.5692
Technical support levels: 1.5268 1.5140 1.5060

Trading range: 1.5390 – 1.5465
Trend: Upward
Buy at 1.5402 SL 1.5372 TP 1.5452

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