GBP/USD 1.5018 – 24 March 2010

GBP/USD Open 1.5021 High 1.5111 Low 1.4931 Close 1.5034
Pound/Dollar dropped on Tuesday on the CPI data and awaiting of today’s budget by the investors, in converse with the negative Interbank sentiment at around -22%. The Cable decreased yesterday from 1.5100 down to 1.4981, closing the day at 1.5034. On the 3 hour chart Sterling is still trading neutrally within range. First resistance is Monday’s top at 1.5111. Break above it may shake the short term bearish perspective, and could the bulls advance towards 1.5256. The nearest support is Monday’s bottom at 1.4931. Going bellow it should confirm continuation of the bearish outlook, towards next objective 1.4823. Today’s focus is on UK CBI retail sales and the Budget data at 11 and 12:30 GMT respectively. 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 calm, MACD is negative and quiet, while CCI is negative and slightly inclining upwards on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.5111 1.5256 1.5375
Technical support levels: 1.4931 1.4823 1.4700

Trading range: 1.5030 – 1.4955
Trend: Downward
Sell at 1.5018 SL 1.5048 TP 1.4968

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