GBP/USD 1.4961 – 24 June 2010

GBP/USD Open 1.4964 High 1.5000 Low 1.4802 Close 1.4954
On Wednesday Pound/Dollar continued recovering, as expected, in converse with negative Interbank sentiment at nearly -26%. The Cable appreciated from 1.4802 to 1.4970 yesterday, closing the day at 1.4954. Today movement is consolidating so far. First and strong resistance is today’s top at 1.5000. Break above it should extend the bullish movement further towards 1.5118. The nearest support is yesterday’s bottom at 1.4802. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4693. There are no major economic events for UK today. Quotes are moving just bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish pressure. The value of the RSI indicator is positive and declining, MACD is positive and decreasing, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall short signals.

Technical resistance levels: 1.5000 1.5118 1.5233
Technical support levels: 1.4802 1.4693 1.4600

Trading range: 1.4975 – 1.4900
Trend: Downward
Sell at 1.4961 SL 1.4991 TP 1.4911

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