GBP/USD 1.4794 – 16 June 2010

GBP/USD Open 1.4796 High 1.4833 Low 1.4695 Close 1.4803
After some hesitant movements, on Tuesday Pound/Dollar continued recovering, in converse with negative Interbank sentiment at around -21%. The Cable appreciated from 1.4549 to 1.4833 yesterday, closing the day at 1.4803. Today the pair is correcting downwards, and moves without clear direction for now. First resistance is yesterday’s top at 1.4833. Break above it should extend the bullish movement further towards 1.4950. The nearest support is yesterday’s bottom at 1.4695. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4549. Today’s focus is on UK Claimant count, Average earnings, and ILO Jobless rate, all at 8:30 GMT. Quotes have just crossed down the 20 and 50 EMA on the 1 hour chart, indicating slim short term bearish pressure. The value of the RSI indicator is negative and declining, MACD is positive and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.

Technical resistance levels: 1.4833 1.4950 1.5100
Technical support levels: 1.4695 1.4549 1.4398

Trading range: 1.4805 – 1.4730
Trend: Downward
Sell at 1.4794 SL 1.4824 TP 1.4744

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