GBP/USD 1.4579 – 10 June 2010

GBP/USD Open 1.4543 High 1.4618 Low 1.4398 Close 1.4530
On Wednesday Pound/Dollar resumed climbing, in converse with negative Interbank sentiment at around -46%. The Cable appreciated from 1.4398 to 1.4605, closing the day at 1.4530. Today increasing extended to 1.4618, and without strong momentum so far. First resistance is today’s top at 1.4618. Break above it should extend the bullish movement further towards 1.4733. The nearest support is yesterday’s bottom at 1.4352. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4250. Today is the UK BoE meeting announcement at 11 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 rising, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.

Technical resistance levels: 1.4618 1.4733 1.4850
Technical support levels: 1.4398 1.4250 1.4100

Trading range: 1.4565 – 1.4640
Trend: Upward
Buy at 1.4579 SL 1.4549 TP 1.4629

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