GBP/USD 1.5073 – 31 March 2010

GBP/USD Open 1.5070 High 1.5117 Low 1.4974 Close 1.5066
Pound/Dollar continued appreciating on Tuesday on good GDP data, in converse with the negative Interbank sentiment at around -53%. The Cable climbed yesterday from to 1.4974 to 1.5117, closing the day at 1.5066. Today the bullish trend is trying to resume. First resistance is yesterday’s top at 1.5117. Break above it should extend the bullish movement further towards 1.5209. The nearest support is Tuesday’s bottom at 1.4974. Going bellow it may shake the bull’s strength, and could weaken the Sterling further towards 1.4894. There are no major economic events for UK today. Quotes are just crossing up the 20 and above the 50 EMA on the 1 hour chart, indicating slight bullish pressure. The values of RSI indicator is positive and rising, MACD is positive and slightly declining, while CCI is about to cross up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.5117 1.5209 1.5361
Technical support levels: 1.4974 1.4894 1.4812

Trading range: 1.5060 – 1.5135
Trend: Upward
Buy at 1.5073 SL 1.5043 TP 1.5123

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