GBP/USD 1.5031 – 30 March 2010

GBP/USD Open 1.4974 High 1.5058 Low 1.4894 Close 1.4986
Pound/Dollar continued rising on Monday, in parallel with the Euro, in converse with the negative Interbank sentiment at around -48.5%. The Cable climbed on Monday from to 1.4894 to 1.5018, closing the day at 1.4986. Today the bullish trend has continued. First resistance is today’s top at 1.5058. Break above it may shake the short term bearish perspective, and may extend the bullish perspective further towards 1.5209. The nearest support is Monday’s bottom at 1.4894. Going bellow it may shake the bull’s strength, and could weaken the Sterling further towards 1.4812. Today’s UK calendar is heavy, with UK Nationwide housing, UK Current accounts Q4, and UK Gfk consumer confidence at 6, 8:30 and 23 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The values of RSI and MACD are indicators and dovish, while CCI is positive and declining on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5058 1.5209 1.5361
Technical support levels: 1.4894 1.4812 1.4700

Trading range: 1.5020 – 1.5095
Trend: Upward
Buy at 1.5031 SL 1.5001 TP 1.5081

Written by