GBP/USD 1.5167 – 29 April 2010

GBP/USD Open 1.5200 High 1.5288 Low 1.5206 Close 1.5204
Pound/Dollar also weakened on Wednesday, in line with the Interbank sentiment, at nearly -8%. The Cable depreciated yesterday from 1.5288 to 1.5143, closing the day at 1.5204. Today Sterling continued declining. First resistance is yesterday’s top at 1.5288. Break above it should extend the bullish movement further towards 1.5381. The nearest support is today’s bottom at 1.5143. Going bellow it may extend British Pound’s weakening further down towards next downward objective 1.5020. Today’s the UK Gfk consumer confidence at 23:01 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI and CCI indicators are positive and rising, while MACD is negative and inclining upwards on the 1 hour chart, giving overall long signals.

Technical resistance levels: 1.5288 1.5381 1.5483
Technical support levels: 1.5143 1.5020 1.4900

Trading range: 1.5155 – 1.5230
Trend: Upward
Buy at 1.5167 SL 1.5137 TP 1.5217

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