GBP/USD 1.5413 – 16 April 2010

GBP/USD Open 1.5462 High 1.5523 Low 1.5390 Close 1.5494
Pound/Dollar also depreciated on Thursday, in line with the Interbank sentiment, at nearly -10%. The Cable decreased yesterday from 1.5523 to 1.5390, closing the day at 1.5494. Today Sterling is making further retreating efforts. First resistance is yesterday’s top at 1.5523. Break above it should extend the bullish movement further towards 1.5600. The nearest support is yesterday’s bottom at 1.5390. Going bellow it may shake the bull’s strength, and could weaken the British Pound further down towards 1.5268. There are no major economic events for UK today. 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: 1.5523 1.5600 1.5692
Technical support levels: 1.5390 1.5268 1.5140

Trading range: 1.5425 – 1.5350
Trend: Downward
Sell at 1.5413 SL 1.5443 TP 1.5363

Written by