GBP/USD 1.5088 – 29 June 2010

GBP/USD Open 1.5093 High 1.5129 Low 1.5022 Close 1.5103

After the partial recovery last week, on Monday Pound/Dollar continued rising, in converse with negative Interbank sentiment at around -13%. The Cable climbed from 1.5022 to 1.5129 yesterday, closing the day at 1.5103. Today movements are consolidating so far. On the 1 and 3 hour charts the upwards channel is intact for now. First and strong resistance is yesterday’s top at 1.5129. Break above it should extend the bullish movement further towards 1.5250. The nearest support is yesterday’s bottom at 1.5022. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4873. Today is the UK M4 money supply, Consumer credit and Gfk consumer confidence at 8:30 and 23:01 GMT respectively. Quotes are moving just bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and consolidating, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.

Technical resistance levels: 1.5129 1.5250 1.5369
Technical support levels: 1.5022 1.4873 1.4762

Trading range: 1.5100 – 1.5025
Trend: Downward
Sell at 1.5088 SL 1.5118 TP 1.5038

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