GBP/USD 1.5386 – 23 April 2010

GBP/USD Open 1.5368 High 1.5467 Low 1.5314 Close 1.5376
Pound/Dollar depreciated on Thursday, in line with the Interbank sentiment, at nearly -9%. The Cable declined yesterday from 1.5467 to 1.5344, closing the day at 1.5376. Today Sterling is trading with slight decrease. First resistance is yesterday’s top at 1.5467. Break above it should extend the bullish movement further towards 1.5580. The nearest support is today’s bottom at 1.5314. Going bellow it may extend British Pound’s weakening further down towards next downward target 1.5221. Today’s focus is on UK GDP Q1 at 8:30. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and declining, MACD is negative and calm, while CCI is neutral and rising on the 1 hour chart, giving overall light short signals.

Technical resistance levels: 1.5467 1.5580 1.5700
Technical support levels: 1.5314 1.5221 1.5113

Trading range: 1.5400 – 1.5325
Trend: Downward
Sell at 1.5386 SL 1.5416 TP 1.5336

Written by