GBP/USD 1.5334 – 20 April 2010

GBP/USD Open 1.5332 High 1.5358 Low 1.5192 Close 1.5336
Pound/Dollar also depreciated on Monday, in line with the Interbank sentiment, at nearly -13%. The Cable decreased yesterday from 1.5358 to 1.5192, closing the week at 1.5336. Today Sterling is trading hesitantly. First resistance is Monday’s top at 1.5358. Break above it should extend the bullish movement further towards 1.5469. The nearest support is yesterday’s bottom at 1.5192. Going bellow it may extend British Pound’s weakening further down towards 1.5113. Today’s focus is on UK HICP, Retail prices, and RPI-X at 8:30 GMT. Quotes are moving just 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 rising on the 1 hour chart, giving overall long signals.

Technical resistance levels: 1.5358 1.5469 1.5523
Technical support levels: 1.5192 1.5113 1.5000

Trading range: 1.5320 – 1.5395
Trend: Upward
Buy at 1.5334 SL 1.5304 TP 1.5384

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