GBP/USD 1.5172 – 5 May 2010

GBP/USD Open 1.5127 High 1.5264 Low 1.5092 Close 1.5141
Pound/Dollar continued depreciating on Tuesday, in converse with the positive Interbank sentiment at around +2%. The Cable depreciated yesterday from 1.5264 to 1.5092, closing the day at 1.5141. Today Sterling is making correctional attempts. First resistance is yesterday’s top at 1.5264. Break above it should extend the bullish movement further towards 1.5334. The nearest support is yesterday’s bottom at 1.5092. Going bellow it should extend British Pound’s weakening further down towards next downward objective and key support level 1.5000. There are no major economic events today for UK. Quotes are moving just above the 20 and bellow the 50 EMA on the 1 hour chart, indicating slim correctional upward pressure. The value of the RSI is positive and declining, while MACD and CCI are positive and calm on the 1 hour chart, giving overall light short signals.

Technical resistance levels: 1.5264 1.5334 1.5483
Technical support levels: 1.5092 1.5000 1.4892

Trading range: 1.5185 – 1.5110
Trend: Downward
Sell at 1.5172 SL 1.5202 TP 1.5122

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