GBP/USD 1.4644 – 14 June 2010

GBP/USD Open 1.4581 High 1.4743 Low 1.4511 Close 1.4546
After a slight increase on Friday, Pound/Dollar lost all Thursday’s gains, in line with negative Interbank sentiment at around -34%. The Cable depreciated from 1.4745 to 1.4506 on Friday, closing the week at 1.4546. Today increasing resumed up to 1.4673, but without strong impetus for now. First resistance is Friday’s top at 1.4743. Break above it should extend the bullish movement further towards 1.4850. The nearest support is Friday’s bottom at 1.4511. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4398. There are no major economic events for UK today. 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 in the overbought zone, MACD is positive and climbing, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.

Technical resistance levels: 1.4745 1.4850 1.4966
Technical support levels: 4506 1.4398 1.4250

Trading range: 1.4630 – 1.4705
Trend: Upward
Buy at 1.4644 SL 1.4614 TP 1.4694

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