GBP/USD 1.4709 – 2 June 2010

GBP/USD Open 1.4664 High 1.4767 Low 1.4446 Close 1.4647
On Tuesday Pound/Dollar continued recovering with a strong upward impulse, in converse with negative Interbank sentiment at around -38%. The Cable climbed from 1.4446 to 1.4706 yesterday, closing the day at 1.4534. Today Sterling continues climbing making further gains. First resistance is today’s top at 1.4767. Break above it should extend the bullish movement further towards 1.4870. The nearest support is yesterday’s bottom at 1.4446. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4355. Today is the UK M4 money supply at 8:30 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.

Technical resistance levels: 1.4767 1.4870 1.5000
Technical support levels: 1.4446 1.4355 1.4250

Trading range: 1.4695 – 1.4780
Trend: Upward
Buy at 1.4709 SL 1.4679 TP 1.4769

Written by