GBP/USD 1.5534 – 23 February 2010

GBP/USD Open 1.5502 High 1.5573 Low 1.5436 Close 1.5479
Pound/Dollar traded quietly on Monday due to lack economic data, closing the day at 1.5479. Today the Cable started rising, testing the upper limit of the bearish channel at 1.5573 on the 3 hour chart. If the above level is broken up, we may see stronger ascending momentum towards next resistance level 1.5662. Going bellow the nearest support and yesterday’s bottom at 1.5436 should put the Sterling back on the depreciating track. Economic events today for UK are absent. Quotes are currently moving above the 50 and above the 20 EMA on the 1 hour chart, giving appreciating indications. The value of RSI and CCI indicators are positive, slightly declining and in the overbought zone, while MACD is positive and climbing on the 1 hour chart, giving overall bullish signals.
Technical resistance levels: 1.5573 1.5662 1.5785
Technical support levels: 1.5436 1.5338 1.5220

Trading range: 1.5520 – 1.5595
Trend: Upward
Buy at 1.5534 SL 1.5504 TP 1.5584

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