GBP/USD 1.4946 – 25 June 2010

GBP/USD Open 1.4926 High 1.5003 Low 1.4917 Close 1.4935
On Thursday Pound/Dollar traded hesitantly, in converse with negative Interbank sentiment at around -18%. The Cable was moving within the 1.4917 – 1.5003 range yesterday, closing the day at 1.4935. Today movements are calm and without direction so far. First and strong resistance is yesterday’s top at 1.5003. Break above it should extend the bullish movement further towards 1.5118. The nearest support is yesterday’s bottom at 1.4917. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4802. 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 slim bearish pressure. The value of the RSI indicator is positive and declining, MACD is neutral and tranquil, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall neutral signals.

Technical resistance levels: 1.5003 1.5118 1.5233
Technical support levels: 1.4917 1.4802 1.4693

Trading range: 1.4960 – 1.4885
Trend: Downward
Sell at 1.4946 SL 1.4976 TP 1.4896

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