GBP/USD 1.5212 – 17 March 2010

GBP/USD Open 1.5234 High 1.5270 Low 1.4983 Close 1.5248
Pound/Dollar increased on Tuesday, following the weak, but positive Interbank sentiment at only 2.7%. The Cable first dropped to 1.4983, that bounced up to 1.5259, closing the day at 1.5248. Climbing continued today, forming new resistance level at 1.5270, which the Sterling is currently testing. On the 3 hour chart the bearish channel has calmed and new range trading has formed on the 1 hour chart, with upward incline. Today are the Claimant count, Average earnings, Jobless rate and BoE meeting minutes for UK at 9:30 GMT. Break above today’s peak at 1.5270 should confirm Pound’s short term bullish outlook, which could strengthen further towards next objective 1.5357. The nearest support is yesterday’s bottom at 1.4983. Going bellow it may seriously shake the bullish outlook. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of RSI indicator is positive and declining, MACD is positive and calm, while CCI is positive and inclining upwards, giving overall long signals.
Technical resistance levels: 1.5270 1.5357 1.5454
Technical support levels: 1.4983 1.4871 1.4750

Trading range: 1.5200 – 1.5275
Trend: Upward
Buy at 1.5212 SL 1.5182 TP 1.5262

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