GBP/USD 1.5202 – 4 May 2010

GBP/USD Open 1.5248 High 1.5334 Low 1.5210 Close 1.5243
Pound/Dollar made a rising effort on Monday, which was limited at 1.5334, from where the currency couple started declining, in line with the Interbank sentiment, at around -14%. The Cable depreciated yesterday from 1.5334 to 1.5214, closing the day at 1.5243. Today Sterling continues decreasing. First resistance is yesterday’s top at 1.5334. Break above it should extend the bullish movement further towards 1.5483. The nearest support is today’s bottom at 1.5180. Going bellow it should extend British Pound’s weakening further down towards next downward objective 1.5082. Today is the CIPS manufacturing index, M4 money supply and Consumer credit at 8:30 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI is positive and calm, while MACD and CCI are negative and dovish on the 1 hour chart, giving overall light short signals.

Technical resistance levels: 1.5334 1.5483 1.5600
Technical support levels: 1.5180 1.5082 1.5000

Trading range: 1.5215 – 1.5140
Trend: Downward
Sell at 1.5202 SL 1.5232 TP 1.5152

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