GBP/USD 1.4908 – 25 March 2010

GBP/USD Open 1.4897 High 1.5033 Low 1.4855 Close 1.4877
Pound/Dollar dropped on Wednesday on the budgetary concerns by the investors, in line with the negative Interbank sentiment at around -24.5%. The Cable decreased yesterday from 1.5033 down to 1.4855, closing the day at 1.4877. On the 3 hour chart Sterling’s outlook remains neutral for now. First resistance is yesterday’s top at 1.5033. Break above it may shake the short term bearish perspective, and could the bulls advance towards 1.5111. The nearest support is Wednesday’s bottom at 1.4855. Going bellow it should confirm continuation of the bearish outlook, towards next objective 1.4763. Today’s focus is on UK Retail sales at 9:30 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating insignificant bullish pressure. The value of RSI, MACD and CCI indicators are all very positive and rising on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5033 1.5111 1.5256
Technical support levels: 1.4855 1.4763 1.4650

Trading range: 1.4895 – 1.4970
Trend: Upward
Buy at 1.4908 SL 1.4878 TP 1.4958

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