GBP/USD 1.5237 – 28 April 2010

GBP/USD Open 1.5245 High 1.5483 Low 1.5206 Close 1.5257
Pound/Dollar also weakened on Tuesday, in line with the Interbank sentiment, at around -7%. The Cable depreciated yesterday from 1.5483 to 1.5223, closing the day at 1.5257. Today Sterling continued declining. First resistance is yesterday’s top at 1.5483. Break above it should extend the bullish movement further towards 1.5580. The nearest support is today’s bottom at 1.5206. Going bellow it may extend British Pound’s weakening further down towards next downward objective 1.5113. There are no major economic events today for UK. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and climbing, while MACD and CCI are negative and calm on the 1 hour chart, giving overall short signals.

Technical resistance levels: 1.5483 1.5580 1.5700
Technical support levels: 1.5206 1.5113 1.5020

Trading range: 1.5250 – 1.534175
Trend: Downward
Sell at 1.5237 SL 1.5267 TP 1.5187

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