GBP/USD 1.5343 – 25 February 2010

GBP/USD Open 1.5417 High 1.5474 Low 1.5308 Close 1.5408
Pound/Dollar traded hesitantly on Wednesday within the narrow 1.5386 – 1.5470 range, closing the day at 1.5408. On the 1 and 3 hour chart the Sterling continues to show weakness, therefore our preferable scenario for now remains downwards. Going bellow the nearest support and today’s bottom at 1.5308 should put the Sterling back on the depreciating track, towards next objective downwards 1.5215. Today CBI sales at 11:00 is the only data coming for UK, but tomorrow is the GDP Q4. Quotes are currently moving bellow the 50 and above the 20 EMA on the 1 hour chart, giving bearish indications. The value of RSI indicator is in the oversold zone and quiet, MACD is negative and declining, while CCI is negative and inclining slightly upwards on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5573 1.5662 1.5785
Technical support levels: 1.5308 1.5215 1.5100

Trading range: 1.5355 – 1.5280
Trend: Downward
Sell at 1.5343 SL 1.5373 TP 1.5293

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