GBP/USD 1.5048 – 8 March 5151

GBP/USD Open 1.5149 High 1.5196 Low 1.5011 Close 1.5132
Pound/Dollar traded with a slight decrease on Friday till the NFP and the Unemployment report, after which Cable rose sharply to 1.5161, closing the week at 1.5132. There are no economic events today for UK besides the BoE MPC board member Baker’s speech at 13:00 GMT. Quotes are testing the upper limit of the bearish channel on the 3 hour chart at 1.5188, and if we see a convincing break above that level, our expectations are for the bullish trend is to continue towards next upward target 1.5275. The nearest support is Friday’s bottom at 1.5011. Going bellow it would put the Sterling back on the bearish track and will renew the depreciation towards 1.4922. Quotes are currently moving above the 20 and 50 EMA on the 1 hour chart, indicating strong bullish pressure. The value of RSI indicator is positive and declining, MACD is positive and calm, while CCI is positive and leaning upwards on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5196 1.5300 1.5411
Technical support levels: 1.5011 1.4922 1.4810

Trading range: 1.5140 – 1.5215
Trend: Upward
Buy at 1.5151 SL 1.5121 TP 1.5201

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