GBP/USD 1.4616 – 4 June 2010

GBP/USD Open 1.4629 High 1.4738 Low 1.4587 Close 1.4606
On Thursday Pound/Dollar repeated Wednesday’s hesitant climbing and dropping, in line with negative Interbank sentiment at around -31%. The Cable appreciated to 1.4738, from where it descended down to 1.4587 yesterday, closing the day at 1.4606. Today Sterling is neutrally so far. First resistance is yesterday’s top at 1.4738. Break above it should extend the bullish movement further towards 1.4870. The nearest support is yesterday’s bottom at 1.4587. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4446. There are no major economic events for UK today. Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating uncertain and dovish market. The value of the RSI indicator is positive and declining, MACD is negative and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall mixed signals.

Technical resistance levels: 1.4738 1.4870 1.5000
Technical support levels: 1.4587 1.4446 1.4355

Trading range: 1.4725 – 1.4680
Trend: Upward
Buy at 1.4616 SL 1.4586 TP 1.4666

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