GBP/USD 1.5351 – 13 April 2010

GBP/USD Open 1.5372 High 1.5486 Low 1.5338 Close 1.5369
Pound/Dollar also consolidated on Monday, in line with the Interbank sentiment, at around -27%. The Cable dropped yesterday from 1.5486 to 1.5357, closing the day at 1.5369. Today, however, Sterling is trying to resume recovery. First resistance is yesterday’s peak at 1.5486. Break above it should extend the bullish movement further towards 1.5600. The nearest support is today’s bottom at 1.5338. Going bellow it may shake the bull’s strength, and could weaken the Sterling further down towards 1.5268. Today are the UK Trade in goods and Non-EU trade at 8:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slight bearish pressure. The values of RSI indicator is positive and declining, MACD is negative and calm, while CCI is neutral declining on the 1 hour chart, giving overall mild short signals.
Technical resistance levels: 1.5486 1.5600 1.5692
Technical support levels: 1.5338 1.5268 1.5140

Trading range: 1.5340 – 1.5415
Trend: Upward
Buy at 1.5351 SL 1.5321 TP 1.5401

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