GBP/USD 1.5262 – 3 May 2010

GBP/USD Open 1.5303 High 1.5391 Low 1.5210 Close 1.5270
Pound/Dollar made a rising effort on Friday, than dropped after running out of steam, in line with the Interbank sentiment, at nearly -15%. The Cable depreciated on Friday from 1.5388 to 1.5269, closing the week at 1.5270. Today Sterling continued decreasing. First resistance is Friday’s top at 1.5391. Break above it should extend the bullish movement further towards 1.5483. The nearest support is today’s bottom at 1.5210. Going bellow it may extend British Pound’s weakening further down towards next downward objective 1.5142. Today is May Bank Holiday in UK. 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 dovish on the 1 hour chart, giving overall light short signals.

Technical resistance levels: 1.5391 1.5483 1.5600
Technical support levels: 1.5210 1.5142 1.5020

Trading range: 1.5275 – 1.5190
Trend: Downward
Sell at 1.5262 SL 1.5292 TP 1.5202

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