GBP/USD 1.5458 – 24 February 2010

GBP/USD Open 1.5443 High 1.5571 Low 1.5395 Close 1.5422
Pound/Dollar climbed on Tuesday to the 1.5571 top, from where the main decreasing trend continued down to 1.5395, closing the day at 1.5422. Although the bearish channel on the 3 hour chart was disturbed seriously by upward breaks, our preferable scenario for now remains downwards. Going bellow the nearest support and yesterday’s bottom at 1.5395 should put the Sterling back on the depreciating track. There are no major economic events for UK today. Quotes are currently moving just bellow the 50 and above the 20 EMA on the 1 hour chart, giving bearish indications. The value of RSI indicator is positive and calm, MACD is neutral and and dovish, while CCI is positive and quiet on the 1 hour chart, giving overall neutral trading signals.
Technical resistance levels: 1.5573 1.5662 1.5785
Technical support levels: 1.5436 1.5338 1.5220

Trading range: 1.5470 – 1.5395
Trend: Downward
Sell at 1.5458 SL 1.5488 TP 1.5408

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