GBP/USD 1.5048 – 5 March 2010

GBP/USD Open 1.5030 High 1.5132 Low 1.4863 Close 1.5032
Pound/Dollar traded hesitantly on Thursday within the 1.5012 – 1.5124 range, closing the day at 1.5032. Today at 9:30 are the PPI and Halifax housing. As quotes are still moving within the bearish channel on the 3 hour chart, our expectations are for the downward trend is to continue, especially if we see break bellow Monday’s bottom at 1.4777. The nearest resistance and upper limit of the descending channel is yesterday’s top at 1.5132. Stronger correctional movement above it should not be unexpected, but should be considered as bears’ failure, and beginning of new uptrend phase with next objectives towards 1.5275. Quotes are currently moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating insignificant bearish pressure. The value of RSI indicator is positive and rising, MACD is neutral and calm, while CCI is neutral and climbing insignificantly on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.5132 1.5275 1.5400
Technical support levels: 1.4981 1.4891 1.4777

Trading range: 1.5060 – 1.4995
Trend: Downward
Sell at 1.5048 SL 1.5078 TP 1.5008

Written by