GBP/USD 1.5293 – 26 February 2010

GBP/USD Open 1.5237 High 1.5420 Low 1.5194 Close 1.5261
Pound/Dollar continued depreciating on Thursday, as expected, from 1.5420 down to 1.5194, closing the day at 1.5261. Today’s focus is on the GDP Q4 at 9:30 GMT. As on the 1 and 3 hour chart the Sterling continues to show weakness, our preferable scenario for now remains in favour of the bears. Break bellow the first support and yesterday’s bottom at 1.5194 should confirm the continuation of the bearish trend for the British Pound, with targets towards 1.5105, followed by the psychological 1.5000. Quotes are currently moving bellow the 50 and above the 20 EMA on the 1 hour chart, indicating bearish pressure. The value of RSI indicator is positive and declining, MACD is positive and quiet, while CCI is positive and slightly declining on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.5573 1.5662 1.5785
Technical support levels: 1.5194 1.5105 1.5000

Trading range: 1.5305 – 1.5230
Trend: Downward
Sell at 1.5293 SL 1.5323 TP 1.5243

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