GBP/USD 1.5426 – 22 April 2010

GBP/USD Open 1.5410 High 1.5472 Low 1.5332 Close 1.5408
Pound/Dollar appreciated on Wednesday, in converse with the Interbank sentiment, at around -10%. The Cable rose yesterday from 1.5332 to 1.5436, closing the day at 1.5408. Today Sterling is trading with slight increase. First resistance is today’s top at 1.5472. Break above it should extend the bullish movement further towards 1.5580. The nearest support is yesterday’s bottom at 1.5332. Going bellow it may extend British Pound’s weakening further down towards next downward objective 1.5221. Today’s focus is on UK M4 money supply, PSNCR, PSNB, Retail sales, and CBI industrial orders at 8:30 and 10 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The values of the RSI and CCI indicators are positive and declining, while MACD is positive and calm on the 1 hour chart, giving overall light long signals.

Technical resistance levels: 1.5472 1.5580 1.5700
Technical support levels: 1.5332 1.5221 1.5113

Trading range: 1.5415 – 1.5490
Trend: Upward
Buy at 1.5426 SL 1.5396 TP 1.5476

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