GBP/USD 1.4974 – 29 March 2010

GBP/USD Open 1.4918 High 1.5013 Low 1.4812 Close 1.4892
Pound/Dollar rose partially on Friday, following the Euro, in converse with the negative Interbank sentiment at around -40.5%. The Cable climbed on Friday from to 1.4812 to 1.4913, closing the day at 1.4892. Today the bullish trend has continued. First resistance is today’s top at 1.5013. Break above it may shake the short term bearish perspective, and may lead the bulls further towards 1.5109. The nearest support is Thursday’s bottom at 1.4812. Going bellow it should confirm continuation of the bearish channel, towards next objective 1.4700. Today’s focus is on UK M4 money supply UK Consumer credit at 8:30 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of RSI, MACD and CCI indicators are all positive and rising on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5013 1.5109 1.5361
Technical support levels: 1.4812 1.4700 1.4572

Trading range: 1.4960 – 1.5035
Trend: Upward
Buy at 1.4974 SL 1.4944 TP 1.5024

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