GBP/USD 1.4871 – 10 May 2010

GBP/USD Open 1.4768 High 1.4912 Low 1.4512 Close 1.4784
Pound/Dollar continued depreciating on Friday, in line with the negative Interbank sentiment at nearly -61%. The Cable depreciated on Friday from 1.4912 to 1.4512, closing the week at 1.4784. Today the Sterling recorded partial recovery, following the strong Euro up. First resistance is Friday’s top at 1.4912. Break above it should extend the bullish movement further towards 1.5264. The nearest support is Friday’s bottom at 1.4512. Going bellow it should extend British Pound’s weakening further down towards next downward target 1.4400. Today is the UK BoE meeting announcement at 11 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The values of the RSI and CCI indicators are positive and declining, while MACD is neutral and quiet on the 1 hour chart, giving overall mixed signals.

Technical resistance levels: 1.4912 1.5020 1.5146
Technical support levels: 1.4512 1.4400 1.4309

Trading range: 1.4860 – 1.4945
Trend: Upward
Buy at 1.4871 SL 1.4841 TP 1.4931


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