GBP/USD 1.5379 – 14 April 2010

GBP/USD Open 1.5385 High 1.5445 Low 1.5338 Close 1.5378
Pound/Dollar rose on better than expected trade balance on Tuesday, in converse with the Interbank sentiment, at nearly -30%. The Cable climbed yesterday from 1.5338 to 1.5445, closing the day at 1.5378. Today Sterling is trying to resume the uptrend after partial correction. First resistance is yesterday’s peak at 1.5445. Break above it should extend the bullish movement further towards 1.5600. The nearest support is yesterday’s bottom at 1.5338. Going bellow it may shake the bull’s strength, and could weaken the British Pound further down towards 1.5268. There are no major economic events for UK today. Quotes are moving in line with the 20 and 50 EMA on the 1 hour chart, indicating neutral market. The values of RSI, MACD and CCI indicators are positive and calm on the 1 hour chart, giving overall neutral signals.

Technical resistance levels: 1.5445 1.5600 1.5692
Technical support levels: 1.5338 1.5268 1.5140

Trading range: 1.5365 – 1.5430
Trend: Upward
Buy at 1.5379 SL 1.5349 TP 1.5419

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