GBP/USD 1.4876 – 21 June 2010

GBP/USD Open 1.4837 High 1.4932 Low 1.4773 Close 1.4817
After the deep correction last Thursday, on Friday Pound/Dollar recovered partially, in converse with negative Interbank sentiment at around -25%. The Cable appreciated to 1.4883 on Friday, than dropped down to 1.4773, closing the week at 1.4817. Today the pair shows further strength, with an adequate upward momentum. First resistance is today’s top at 1.4932. Break above it should extend the bullish movement further towards 1.5050. The nearest support is Friday’s bottom at 1.4773. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4649. There are no major economic events for UK today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and consolidating, 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: 1.4932 1.5050 1.5288
Technical support levels: 1.4773 1.4649 1.4549

Trading range: 1.4865 – 1.4940
Trend: Upward
Buy at 1.4876 SL 1.4846 TP 1.4926

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