GBP/USD 1.4947 – 11 March 5151

GBP/USD Open 1.4965 High 1.5016 Low 1.4877 Close 1.4976
Pound/Dollar continued decreasing on Wednesday as Manufacturing production data was worse than expected. The Cable descended to 1.4877, from where it climbed up to 1.4993, closing the day at 1.4976. The fact that the Cable dropped bellow 1.49 confirms the remaining of the bearish pressure. There are no major economic events today for UK besides the Inflation figures coming at 9:30 GMT. Break bellow yesterday’s bottom and nearest support at 1.4877 should confirm the integrity of the downward channel, and may trigger stronger bearish momentum with targets towards 1.4867. Immediate resistance is yesterday’s top at 1.5016, followed by 1.5086. Going above Monday’s top 1.5193 may lead to further recovery of the Sterling. Quotes have just crossed up the close to one another 20 and 50 EMA on the 1 hour chart, indicating slight increasing sentiment. The value of RSI and CCI indicators are positive and inclining upwards, while MACD is neutral and calm, giving overall long signals.
Technical resistance levels: 1.5016 1.5086 1.5193
Technical support levels: 1.4877 1.4750 1.4656

Trading range: 1.4935 – 1.5010
Trend: Upward
Buy at 1.4947 SL 1.4917 TP 1.4997

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