GBP/USD 1.5187 – 19 March 2010

GBP/USD Open 1.5251 High 1.5327 Low 1.5176 Close 1.5249
Pound/Dollar continued decreasing on Thursday, in converse with the positive Interbank sentiment at nearly 13%. The Cable depreciated from 1.5327 down to 1.5176, closing the day at 1.5249. On the 3 hour chart the bearish channel has calmed and new range trading has formed on the 1 hour chart, with upward incline. The 1.5375 top from Wednesday is an important resistance level at this stage. Break above it may terminate the short bearish perspective, and could strengthen the Sterling further towards next objective 1.5454. The nearest support is today’s bottom at 1.5138. Going bellow it may put Sterling back on the bearish track. There are no major economic events today for UK, besides BoE MPC member Trucker discussion participation at 10:35 with low importance. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of RSI indicator is negative and inclining upwards, MACD is negative and declining, while CCI is negative and calm, giving overall short signals.
Technical resistance levels: 1.5375 1.5454 1.5524
Technical support levels: 1.5138 1.4983 1.4871

Trading range: 1.5200 – 1.5125
Trend: Downward
Sell at 1.5187 SL 1.5217 TP 1.5137

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