GBP/USD 1.5408 – 27 April 2010

GBP/USD Open 1.5468 High 1.5500 Low 1.5371 Close 1.5460
Pound/Dollar was trading hesitantly and with slight increase on Monday, in converse with the Interbank sentiment, at around -7%. The Cable appreciated yesterday from 1.5371 to 1.5500, closing the day at 1.5460. Today Sterling is correcting downwards, eating up yesterday’s gains. First resistance is yesterday’s top at 1.5500. Break above it should extend the bullish movement further towards 1.5580. The nearest support is yesterday’s bottom at 1.5371. Going bellow it may extend British Pound’s weakening further down towards next downward target 1.5221. Today is the UK CBI retail sales volume balance at 10 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The values of the RSI, MACD and CCI indicators are all negative and declining on the 1 hour chart, giving overall short signals.

Technical resistance levels: 1.5500 1.5580 1.5700
Technical support levels: 1.5371 1.5221 1.5113

Trading range: 1.5420 – 1.5345
Trend: Downward
Sell at 1.5408 SL 1.5438 TP 1.5358

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