GBP/USD 1.4847 – 23 June 2010

GBP/USD Open 1.4817 High 1.4877 Low 1.4693 Close 1.4812
On Tuesday Pound/Dollar made a deep correction downwards at first, than recovered sharply upwards, in converse with negative Interbank sentiment at nearly -27%. The Cable depreciated to 1.4693 yesterday, than climbed up to 1.4858, closing the day at 1.4812. Today the pair shows strenght, but without strong upward momentum so far. First resistance is today’s top at 1.4877. Break above it should extend the bullish movement further towards 1.4990. The nearest support is yesterday’s bottom at 1.4693. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4600. Today is the UK BoE meeting minutes at 8:30 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and rising, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.

Technical resistance levels: 1.4877 1.4990 1.5182
Technical support levels: 1.4693 1.4600 1.4454

Trading range: 1.4835 – 1.4910
Trend: Upward
Buy at 1.4847 SL 1.4817 TP 1.4897

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