GBP/USD 1.4963 – 22 March 2010

GBP/USD Open 1.4991 High 1.5256 Low 1.4931 Close 1.5008
Pound/Dollar continued dropping on Friday, in converse with the positive Interbank sentiment at nearly 20%. The Cable descended from 1.5256 down to 1.5006, closing the week at 1.5008. On the 3 hour chart the bearish channel has turned into neutral range trading. First resistance is Friday’s peak at 1.5256. Break above it may shake the short term bearish outlook, and could strengthen the Sterling further towards next objective 1.5375. The nearest support is today’s bottom at 1.4931. Going bellow it may trigger stronger bearish momentum towards next objective 1.4823. There are no major or minor economic events today for UK. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of RSI indicator is positive and inclining upwards, while MACD and CCI are negative and rising on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5256 1.5375 1.5454
Technical support levels: 1.4931 1.4823 1.4700

Trading range: 1.4950 – 1.5025
Trend: Upward
Buy at 1.4963 SL 1.4933 TP 1.5013

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