GBP/USD 1.5502 – 22 February 2010

GBP/USD Open 1.5461 High 1.5817 Low 1.5370 Close 1.5466
Pound/Dollar tried to continue decreasing on Friday down to 1.5356, from where the currency couple bounced up, closing the week at 1.5466. On the 3 hour chart we still have well formed bearish channel, which was disturbed with many adjustments during the first half of February. 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. There are no economic events today for UK, therefore range trade should not be unexpected. Quotes are currently moving bellow the 50 and above the 20 EMA on the 1 hour chart, giving mixed indications. The value of RSI and MACD indicators are positive, quiet and in the overbought zone, while CCI is positive and climbing on the 1 hour chart, giving overall uncertain signals.
Technical resistance levels: 1.5817 1.5904 1.6000
Technical support levels: 1.5370 1.5298 1.5200

Trading range: 1.5515 – 1.5440
Trend: Downward
Sell at 1.5502 SL 1.5532 TP 1.5452

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