GBP/USD 1.4867 – 11 May 2010

GBP/USD Open 1.4856 High 1.5055 Low 1.4762 Close 1.4844
Pound/Dollar climbed on Monday, following the partial recovery of the Euro, in converse with the negative Interbank sentiment at around -56%. The Cable appreciated yesterday from 1.4762 to 1.5055, than started loosing its gains, closing the day at 1.4844. Today the Sterling continues with slight descend. First resistance is yesterday’s top at 1.5055. Break above it should extend the bullish movement further towards 1.5146. The nearest support is yesterday’s bottom at 1.4762. Going bellow it should extend British Pound’s weakening further down towards next downward target 1.4512. Today is the UK Industrial production and Manufacturing output at 8:30 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The values of the RSI and CCI indicators are positive and rising, while MACD is neutral and quiet on the 1 hour chart, giving overall mixed signals.

Technical resistance levels: 1.5055 1.5146 1.5270
Technical support levels: 1.4762 1.4512 1.4400

Trading range: 1.4880 – 1.4795
Trend: Downward
Sell at 1.4867 SL 1.4897 TP 1.4807

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