GBP/USD 1.5423 – 19 February 2010

GBP/USD Open 1.5431 High 1.5817 Low 1.5370 Close 1.5528
Pound/Dollar continued decreasing yesterday on bad UK’s public financial data and US economic improvement. The Cable dropped from 1.5687 to 1.5414, closing the day at 1.5528. Expectation today are for the the bearish trend to continue towards next objective downwards 1.5298, if we see successful penetration of the nearest support at 1.5370, which the Sterling is currently testing. At 9:30 GMT today Retail sales data is expected for UK, which may give clearer picture for next movements direction. Quotes are currently moving bellow the 20 and 50 EMA on the 1 hour chart, suggesting strong bearish pressure. The value of RSI and MACD indicators are negative and quiet, while CCI is neutral on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5817 1.5904 1.6000
Technical support levels: 1.5370 1.5298 1.5200

Trading range: 1.5435 – 1.5360
Trend: Downward
Sell at 1.5423 SL 1.5453 TP 1.5373

Written by