GBP/USD 1.4848 – 26 March 2010

GBP/USD Open 1.4845 High 1.4982 Low 1.4804 Close 1.4817
Pound/Dollar rose partially on Thursday on good UK sales, than continued depreciating, in line with the negative Interbank sentiment at around -38.5%. The Cable climbed yesterday to 1.4982, from where it decreased down to 1.4804, closing the day at 1.4817. On the 3 hour chart Sterling has resumed its bearish trend. First resistance is yesterday’s top at 1.4982. Break above it may shake the short term bearish perspective, and may lead the bulls further towards 1.5111. The nearest support is Thursday’s bottom at 1.4804. Going bellow it should confirm continuation of the bearish outlook, towards next objective 1.4700. Today’s focus is on UK Total business investments at 9 and U.S. GDP Q4 at 12:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating insignificant bearish pressure. The value of RSI, MACD and CCI indicators are all positive and slightly declining on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.4982 1.5109 1.5361
Technical support levels: 1.4804 1.4700 1.4572

Trading range: 1.4860 – 1.4795
Trend: Downward
Sell at 1.4848 SL 1.4878 TP 1.4808

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