GBP/USD 1.5059 – 30 June 2010

GBP/USD Open 1.5052 High 1.5120 Low 1.5018 Close 1.5060
On Tuesday Pound/Dollar continued trading hesitantly and within a narrow range, in line with negative Interbank sentiment at only around -13%. The Cable depreciated from 1.5120 to 1.5018 yesterday, closing the day at 1.5060. Today movements are still tranquil for now. On the 1 and 3 hour charts the upwards channels are still intact. First and strong resistance is yesterday’s top at 1.5120. Break above it should extend the bullish movement further towards 1.5250. The nearest support is yesterday’s bottom at 1.5018. Going bellow it should extend British Pound’s reduction further down towards next downward objective 1.4873. Today is the UK Nationwide house price index, GDP and Current account at 6 and 8:30 GMT respectively. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and consolidating, MACD is negative and calm, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.

Technical resistance levels: 1.5120 1.5250 1.5369
Technical support levels: 1.5018 1.4873 1.4762

Trading range: 1.5070 – 1.4995
Trend: Downward
Sell at 1.5059 SL 1.5089 TP 1.5009

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