GBP/USD 1.5061 – 4 March 2010

GBP/USD Open 1.5099 High 1.5132 Low 1.4863 Close 1.5098
Pound/Dollar followed the Euro upwards on Wednesday, as Dollar weakened across the board, climbing from 1.4981 to 1.5132, closing the day at 1.5098. Today at 11:00 is the BOE interest rates announcement, which are expected to remain at 0.5%. On the 1 and 3 hour charts the bearish channel remains intact, and our expectations are for the downtrend to continue, especially if we see break bellow Monday’s bottom at 1.4777. The nearest resistance is this yesterday’s top at 1.5132, followed by 1.5275. Quotes are currently moving bellow the 20 and just above the 50 EMA on the 1 hour chart, indicating insignificant bearish pressure. The value of RSI indicator is negative and calm, MACD is positive and declining, while CCI is negative and declining on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5132 1.5275 1.5400
Technical support levels: 1.4981 1.4891 1.4777

Trading range: 1.5075 – 1.5000
Trend: Downward
Sell at 1.5061 SL 1.5091 TP 1.5011

Written by