GBP/USD 1.4693 – 11 June 2010

GBP/USD Open 1.4704 High 1.4743 Low 1.4511 Close 1.4713
On Thursday Pound/Dollar continued climbing, in converse with negative Interbank sentiment at around -44%. The Cable appreciated from 1.4398 to 1.4719, closing the day at 1.4713. Today increasing extended to 1.4743, but without strong impulse so far. First resistance is today’s top at 1.4743. Break above it should extend the bullish movement further towards 1.4850. The nearest support is yesterday’s bottom at 1.4511. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4398. Today is the UK Industrial production, Manufacturing output, PPI Output and Input, all 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 calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.

Technical resistance levels: 1.4743 1.4850 1.4966
Technical support levels: 4511 1.4398 1.4250

Trading range: 1.4680 – 1.4755
Trend: Upward
Buy at 1.4693 SL 1.4663 TP 1.4743

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