GBP/USD 1.5651 – 10 February 2010

GBP/USD Open 1.5690 High 1.5732 Low 1.5561 Close 1.5718
Pound/Dollar is trading mostly upwards this week, as seen on the 15 minute chart, making a significant climb on Tuesday to the 1.5732 top, closing the day at 1.5718. Although today started with slight decrease for the Cable, we may see further pressure on the Dollar later, especially if the above top and nearest resistance level is broken upwards. On the 1 hour chart the downward channel still remains intact. Only persuasive break bellow yesterday’s bottom and nearest support at 1.5561 will return the Sterling back on the descending track, with next targets towards 1.5445. The upcoming UK economic data around 9:00 GMT may bring further catalysis to the market. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, suggesting intraday bearish and short term bullish perspective. The value of RSI indicator is rising, while MACD and CCI are calm, leaning downwards on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.5732 1.5822 1.5919
Technical support levels: 1.5561 1.5445 1.5334

Trading range: 1.5640 – 1.5715
Trend: Upward
Buy at 1.5651 SL 1.5621 TP 1.5701

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